Exhibit



	Cincinnati Financial Corporation
	Supplemental Financial Data
	Fourth Quarter 2018

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

Consolidated
	CFC and Subsidiaries Consolidation – Twelve Months Ended December 31, 2018	4
	CFC and Subsidiaries Consolidation – Three Months Ended December 31, 2018	5
	5-Year Net Income Reconciliation	6

Consolidated Property Casualty Insurance Operations
	Statutory Statements of Income	7
	Consolidated Cincinnati Insurance Companies – Losses Incurred Detail	8
	Consolidated Cincinnati Insurance Companies – Loss Ratio Detail	9
	Consolidated Cincinnati Insurance Companies – Loss Claim Count Detail	10
	Direct Written Premiums by Risk State by Line of Business	11
	Quarterly Property Casualty Data – Commercial Lines	12
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	13
	Loss and Loss Expense Analysis – Twelve Months Ended December 31, 2018	14
	Loss and Loss Expense Analysis – Three Months Ended December 31, 2018	15

Reconciliation Data
	Quarterly Property Casualty Data – Consolidated	16
	Quarterly Property Casualty Data – Commercial Lines	17
	Quarterly Property Casualty Data – Personal Lines	18
	Quarterly Property Casualty Data – Excess & Surplus Lines	19

Life Insurance Operations
	Statutory Statements of Income	20

Noninsurance Operations and Cincinnati Re
	Quarterly Data – Other	21



Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Twelve Months Ended December 31, 2018

(Dollars in millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	5,080		$	—		$	—	$	—		$	5,080
Life	—			—			320			—		—			320
Premiums ceded	—			(160		)	(70		)	—		—			(230		)
Total earned premium	—			4,920			250			—		—			5,170
Investment income, net of expenses	65			401			153			—		—			619
Investment gains and losses, net	(108		)	(290		)	(4		)	—		—			(402		)
Fee revenues	—			11			4			—		—			15
Other revenues	15			1			—			4		(15		)	5
Total revenues	$	(28	)	$	5,043		$	403		$	4	$	(15	)	$	5,407

Benefits & expenses
Losses & contract holders' benefits	$	—		$	3,313		$	328		$	—	$	—		$	3,641
Reinsurance recoveries	—			(90		)	(61		)	—		—			(151		)
Underwriting, acquisition and insurance expenses	—			1,522			75			—		—			1,597
Interest expense	52			—			—			1		—			53
Other operating expenses	30			—			—			1		(15		)	16
Total expenses	$	82		$	4,745		$	342		$	2	$	(15	)	$	5,156

Income before income taxes	$	(110	)	$	298		$	61		$	2	$	—		$	251

Provision (benefit) for income taxes
Current operating income	$	26		$	65		$	3		$	1	$	—		$	95
Capital gains/losses	(23		)	(61		)	—			—		—			(84		)
Deferred	(35		)	(22		)	10			—		—			(47		)
Total provision (benefit) for income taxes	$	(32	)	$	(18	)	$	13		$	1	$	—		$	(36	)

Net income (loss) - current year	$	(78	)	$	316		$	48		$	1	$	—		$	287

Net income - prior year	$	186		$	702		$	155		$	1	$	1		$	1,045
*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, 2018

(Dollars in millions)	CFC			CONSOL P&C			CLIC			CFC-I		ELIM			Total
Revenues
Premiums earned:
Property casualty	$	—		$	1,293		$	—		$	—	$	—		$	1,293
Life	—			—			83			—		—			83
Premiums ceded	—			(40		)	(18		)	—		—			(58		)
Total earned premium	—			1,253			65			—		—			1,318
Investment income, net of expenses	19			104			38			—		—			161
Investment gains and losses, net	(340		)	(430		)	(4		)	—		—			(774		)
Fee revenues	—			3			1			—		—			4
Other revenues	4			—			—			1		(4		)	1
Total revenues	$	(317	)	$	930		$	100		$	1	$	(4	)	$	710

Benefits & expenses
Losses & contract holders' benefits	$	—		$	864		$	100		$	—	$	—		$	964
Reinsurance recoveries	—			(66		)	(24		)	—		—			(90		)
Underwriting, acquisition and insurance expenses	—			379			19			—		—			398
Interest expense	13			—			—			—		—			13
Other operating expenses	9			—			—			1		(4		)	6
Total expenses	$	22		$	1,177		$	95		$	1	$	(4	)	$	1,291

Income (loss) before income taxes	$	(339	)	$	(247	)	$	5		$	—	$	—		$	(581	)

Provision (benefit) for income taxes
Current operating income	$	72		$	135		$	3		$	—	$	—		$	210
Capital gains/losses	(71		)	(91		)	—			—		—			(162		)
Deferred	(75		)	(101		)	(1		)	—		—			(177		)
Total provision (benefit) for income taxes	$	(74	)	$	(57	)	$	2		$	—	$	—		$	(129	)

Net income (loss) - current year	$	(265	)	$	(190	)	$	3		$	—	$	—		$	(452	)

Net income - prior year	$	147		$	373		$	122		$	—	$	—		$	642
*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,
	2018			2017			2016			2015			2014
Net income	$	287		$	1,045		$	591		$	634		$	525
Less:
Investment gains and losses, net	(402		)	148			124			70			133
Income tax on investment gains and losses	84			(53		)	(44		)	(25		)	(48		)
Investment gains and losses, after-tax	(318		)	95			80			45			85
Other non-recurring items	56			495			—			—			—
Non-GAAP operating income	$	549		$	455		$	511		$	589		$	440

Diluted per share data:
Net income	$	1.75		$	6.29		$	3.55		$	3.83		$	3.18
Less:
Investment gains and losses, net	(2.44		)	0.89			0.74			0.42			0.81
Income tax on investment gains and losses	0.50			(0.32		)	(0.26		)	(0.15		)	(0.29		)
Investment gains and losses, after-tax	(1.94		)	0.57			0.48			0.27			0.52
Other non-recurring items	0.34			2.98			—			—			—
Non-GAAP operating income	$	3.35		$	2.74		$	3.07		$	3.56		$	2.66

Value creation ratio
Book value per share growth	(4.3		)%	17.1		%	9.6		%	(2.3		)%	7.9		%
Shareholder dividend declared as a percentage of beginning book value	4.2			5.8			4.9			5.7			4.7
Value creation ratio	(0.1		)%	22.9		%	14.5		%	3.4		%	12.6		%

Investment income
Investment income, net of expenses	$	619		$	609		$	595		$	572		$	549
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.



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)	2018			2017			Change			% Change		2018			2017		Change			% Change
Underwriting income
Net premiums written	$	1,177		$	1,130		$	47		4		$	5,030		$	4,840	$	190		4
Unearned premium change	(76		)	(69		)	(7		)	(10	)	110			118		(8		)	(7	)
Earned premiums	$	1,253		$	1,199		$	54		5		$	4,920		$	4,722	$	198		4

Losses incurred	$	646		$	598		$	48		8		$	2,660		$	2,592	$	68		3
Defense and cost containment expenses incurred	80			72			8			11		308			270		38			14
Adjusting and other expenses incurred	72			71			1			1		255			276		(21		)	(8	)
Other underwriting expenses incurred	371			363			8			2		1,524			1,475		49			3
Workers compensation dividend incurred	3			4			(1		)	(25	)	12			14		(2		)	(14	)
Total underwriting deductions	$	1,172		$	1,108		$	64		6		$	4,759		$	4,627	$	132		3

Net underwriting profit	$	81		$	91		$	(10	)	(11	)	$	161		$	95	$	66		69

Investment income
Gross investment income earned	$	106		$	106		$	—		—		$	407		$	405	$	2		—
Net investment income earned	104			104			—			—		400			399		1			—
Net realized capital gains and losses, net	17			6			11			183		98			85		13			15
Net investment gains (net of tax)	$	121		$	110		$	11		10		$	498		$	484	$	14		3

Other income	$	2		$	2		$	—		—		$	9		$	9	$	—		—

Net income before federal income taxes	$	204		$	203		$	1		—		$	668		$	588	$	80		14
Federal and foreign income taxes incurred	34			42			(8		)	(19	)	(28		)	113		(141		)	nm
Net income (statutory)	$	170		$	161		$	9		6		$	696		$	475	$	221		47

Policyholders' surplus - statutory	$	4,919		$	5,094		$	(175	)	(3	)	$	4,919		$	5,094	$	(175	)	(3	)

Fixed maturities at amortized cost - statutory	$	7,150		$	6,939		$	211		3		$	7,150		$	6,939	$	211		3
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
	12/31/18			9/30/18			6/30/18		3/31/18			12/31/17			9/30/17			6/30/17			3/31/17			6/30/18			6/30/17			9/30/18		9/30/17			12/31/18		12/31/17
Consolidated
Current accident year losses greater than $5,000,000	$	14		$	8		$	6	$	15		$	11		$	6		$	—		$	28		$	21		$	28		$	29	$	34		$	43	$	45
Current accident year losses $1,000,000-$5,000,000	54			70			62		32			60			75			48			29			94			77			164		152			218		212
Large loss prior accident year reserve development	21			10			4		34			9			4			21			17			38			38			48		42			69		51
Total large losses incurred	$	89		$	88		$	72	$	81		$	80		$	85		$	69		$	74		$	153		$	143		$	241	$	228		$	330	$	308
Losses incurred but not reported	23			(10		)	87		10			60			(9		)	(1		)	4			97			3			87		(6		)	110		54
Other losses excluding catastrophe losses	451			482			433		520			450			499			487			467			953			954			1,435		1,453			1,886		1,903
Catastrophe losses	83			117			83		51			8			104			112			103			134			215			251		319			334		327
Total losses incurred	$	646		$	677		$	675	$	662		$	598		$	679		$	667		$	648		$	1,337		$	1,315		$	2,014	$	1,994		$	2,660	$	2,592
Commercial Lines
Current accident year losses greater than $5,000,000	$	8		$	8		$	6	$	15		$	5		$	6		$	—		$	28		$	21		$	28		$	29	$	34		$	37	$	39
Current accident year losses $1,000,000-$5,000,000	47			62			51		22			51			56			33			26			73			59			135		115			182		166
Large loss prior accident year reserve development	24			11			1		29			10			1			19			17			30			36			41		37			65		47
Total large losses incurred	$	79		$	81		$	58	$	66		$	66		$	63		$	52		$	71		$	124		$	123		$	205	$	186		$	284	$	252
Losses incurred but not reported	18			(23		)	53		16			44			1			21			(5		)	69			16			46		17			64		61
Other losses excluding catastrophe losses	266			284			247		325			273			313			292			306			572			598			856		911			1,122		1,184
Catastrophe losses	32			75			51		22			1			27			64			58			73			122			148		149			180		150
Total losses incurred	$	395		$	417		$	409	$	429		$	384		$	404		$	429		$	430		$	838		$	859		$	1,255	$	1,263		$	1,650	$	1,647
Personal Lines
Current accident year losses greater than $5,000,000	$	6		$	—		$	—	$	—		$	6		$	—		$	—		$	—		$	—		$	—		$	—	$	—		$	6	$	6
Current accident year losses $1,000,000-$5,000,000	4			7			11		10			6			19			15			3			21			18			28		37			32		43
Large loss prior accident year reserve development	(3		)	(1		)	3		5			(1		)	3			1			—			8			1			7		4			4		3
Total large losses incurred	$	7		$	6		$	14	$	15		$	11		$	22		$	16		$	3		$	29		$	19		$	35	$	41		$	42	$	52
Losses incurred but not reported	(3		)	11			31		(1		)	10			(17		)	(12		)	10			30			(2		)	41		(19		)	38		(9		)
Other losses excluding catastrophe losses	154			172			157		167			157			164			164			144			324			308			496		472			650		629
Catastrophe losses	27			33			33		29			5			34			47			46			62			93			95		127			122		132
Total losses incurred	$	185		$	222		$	235	$	210		$	183		$	203		$	215		$	203		$	445		$	418		$	667	$	621		$	852	$	804
Excess & Surplus Lines
Current accident year losses greater than $5,000,000	$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—	$	—		$	—	$	—
Current accident year losses $1,000,000-$5,000,000	3			1			—		—			3			—			—			—			—			—			1		—			4		3
Large loss prior accident year reserve development	—			—			—		—			—			—			1			—			—			1			—		1			—		1
Total large losses incurred	$	3		$	1		$	—	$	—		$	3		$	—		$	1		$	—		$	—		$	1		$	1	$	1		$	4	$	4
Losses incurred but not reported	8			2			3		(5		)	6			7			(10		)	(1		)	(2		)	(11		)	—		(4		)	8		2
Other losses excluding catastrophe losses	8			11			17		14			9			8			19			8			31			27			42		35			50		44
Catastrophe losses	—			1			—		1			—			1			1			—			1			1			2		2			2		2
Total losses incurred	$	19		$	15		$	20	$	10		$	18		$	16		$	11		$	7		$	30		$	18		$	45	$	34		$	64	$	52

*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
	12/31/18		9/30/18		6/30/18		3/31/18		12/31/17		9/30/17		6/30/17		3/31/17		6/30/18		6/30/17		9/30/18		9/30/17		12/31/18		12/31/17
Consolidated
Current accident year losses greater than $5,000,000	1.1	%	0.7	%	0.4	%	1.3	%	0.9	%	0.5	%	—	%	2.4	%	0.8	%	1.2	%	0.8	%	1.0	%	0.9	%	1.0	%
Current accident year losses $1,000,000-$5,000,000	4.3		5.7		5.1		2.7		5.0		6.4		4.1		2.5		3.9		3.3		4.5		4.3		4.4		4.5
Large loss prior accident year reserve development	1.7		0.7		0.3		2.8		0.7		0.3		1.8		1.5		1.6		1.6		1.3		1.2		1.4		1.0
Total large loss ratio	7.1	%	7.1	%	5.8	%	6.8	%	6.6	%	7.2	%	5.9	%	6.4	%	6.3	%	6.1	%	6.6	%	6.5	%	6.7	%	6.5	%
Losses incurred but not reported	1.8		(0.8	)	7.1		0.8		5.0		(0.7	)	(0.1	)	0.4		4.0		0.1		2.4		(0.2	)	2.2		1.1
Other losses excluding catastrophe losses	36.0		39.0		35.1		43.4		37.6		41.7		41.3		40.5		39.2		40.9		39.0		41.2		38.4		40.3
Catastrophe losses	6.6		9.5		6.8		4.2		0.7		8.8		9.4		9.0		5.5		9.3		6.9		9.1		6.8		7.0
Total loss ratio	51.5	%	54.8	%	54.8	%	55.2	%	49.9	%	57.0	%	56.5	%	56.3	%	55.0	%	56.4	%	54.9	%	56.6	%	54.1	%	54.9	%
Commercial Lines
Current accident year losses greater than $5,000,000	1.0	%	1.1	%	0.7	%	1.9	%	0.6	%	0.8	%	—	%	3.6	%	1.3	%	1.8	%	1.2	%	1.5	%	1.2	%	1.2	%
Current accident year losses $1,000,000-$5,000,000	5.6		7.7		6.2		2.9		6.4		7.2		4.2		3.3		4.6		3.7		5.6		4.8		5.6		5.3
Large loss prior accident year reserve development	3.0		1.3		0.2		3.6		1.2		0.1		2.3		2.2		1.8		2.3		1.7		1.6		2.0		1.5
Total large loss ratio	9.6	%	10.1	%	7.1	%	8.4	%	8.2	%	8.1	%	6.5	%	9.1	%	7.7	%	7.8	%	8.5	%	7.9	%	8.8	%	8.0	%
Losses incurred but not reported	2.2		(2.9	)	6.5		2.1		5.5		—		2.7		(0.6	)	4.3		1.0		1.9		0.7		2.0		1.9
Other losses excluding catastrophe losses	32.9		35.3		30.4		41.1		34.4		39.6		36.5		39.2		35.7		37.9		35.6		38.4		34.9		37.4
Catastrophe losses	3.9		9.3		6.3		2.8		0.1		3.4		8.1		7.4		4.6		7.7		6.2		6.3		5.6		4.7
Total loss ratio	48.6	%	51.8	%	50.3	%	54.4	%	48.2	%	51.1	%	53.8	%	55.1	%	52.3	%	54.4	%	52.2	%	53.3	%	51.3	%	52.0	%
Personal Lines
Current accident year losses greater than $5,000,000	1.6	%	—	%	—	%	—	%	1.9	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	0.4	%	0.5	%
Current accident year losses $1,000,000-$5,000,000	1.3		2.0		3.5		2.9		1.8		6.0		4.8		1.0		3.2		2.9		2.8		4.0		2.4		3.4
Large loss prior accident year reserve development	(0.7	)	(0.3	)	0.8		1.7		(0.3	)	1.0		0.6		(0.2	)	1.2		0.2		0.7		0.4		0.4		0.3
Total large loss ratio	2.2	%	1.7	%	4.3	%	4.6	%	3.4	%	7.0	%	5.4	%	0.8	%	4.4	%	3.1	%	3.5	%	4.4	%	3.2	%	4.2	%
Losses incurred but not reported	(0.9	)	3.4		9.4		(0.4	)	3.2		(5.3	)	(4.0	)	3.3		4.6		(0.4	)	4.2		(2.1	)	2.8		(0.7	)
Other losses excluding catastrophe losses	45.1		50.5		47.3		51.6		49.0		52.1		53.7		47.9		49.4		50.9		49.7		51.3		48.7		50.7
Catastrophe losses	7.9		10.0		10.0		8.8		1.6		10.8		15.2		15.5		9.4		15.3		9.6		13.8		9.1		10.6
Total loss ratio	54.3	%	65.6	%	71.0	%	64.6	%	57.2	%	64.6	%	70.3	%	67.5	%	67.8	%	68.9	%	67.0	%	67.4	%	63.8	%	64.8	%
Excess & Surplus Lines
Current accident year losses greater than $5,000,000	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
Current accident year losses $1,000,000-$5,000,000	5.0		1.9		—		—		5.6		—		—		—		—		—		0.7		—		1.8		1.5
Large loss prior accident year reserve development	(0.3	)	0.4		(0.2	)	(0.4	)	(0.1	)	(0.3	)	2.3		(0.3	)	(0.3	)	1.1		(0.1	)	0.6		(0.1	)	0.4
Total large loss ratio	4.7	%	2.3	%	(0.2	)%	(0.4	)%	5.5	%	(0.3	)%	2.3	%	(0.3	)%	(0.3	)%	1.1	%	0.6	%	0.6	%	1.7	%	1.9	%
Losses incurred but not reported	13.5		4.3		4.5		(9.0	)	9.8		13.8		(20.2	)	(1.6	)	(2.1	)	(11.3	)	0.1		(2.4	)	3.6		0.8
Other losses excluding catastrophe losses	11.8		18.7		28.6		26.4		17.3		15.3		37.0		17.0		27.4		27.4		24.4		23.1		21.1		21.6
Catastrophe losses	0.7		0.5		1.0		1.8		0.2		1.3		1.2		0.8		1.4		1.0		1.1		1.1		1.0		0.8
Total loss ratio	30.7	%	25.8	%	33.9	%	18.8	%	32.8	%	30.1	%	20.3	%	15.9	%	26.4	%	18.2	%	26.2	%	22.4	%	27.4	%	25.1	%
*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
	12/31/18	9/30/18	6/30/18	3/31/18	12/31/17	9/30/17	6/30/17	3/31/17	6/30/18	6/30/17	9/30/18	9/30/17	12/31/18	12/31/17
Consolidated
Current accident year reported losses greater than $5,000,000	—	1	1	3	2	1	—	5	4	5	5	6	7	8
Current accident year reported losses $1,000,000 - $5,000,000	33	37	36	22	32	43	31	22	59	55	95	100	125	134
Prior accident year reported losses on large losses	9	8	9	24	10	12	15	14	35	30	44	42	56	63
Non-Catastrophe reported losses on large losses total	42	46	46	49	44	56	46	41	98	90	144	148	188	205
Commercial Lines
Current accident year reported losses greater than $5,000,000	—	1	1	2	1	1	—	5	3	5	4	6	5	7
Current accident year reported losses $1,000,000 - $5,000,000	25	33	30	15	27	34	20	20	46	42	77	77	100	106
Prior accident year reported losses on large losses	8	7	6	22	10	10	12	13	30	26	38	35	49	56
Non-Catastrophe reported losses on large losses total	33	41	37	39	38	45	32	38	79	73	119	118	154	169
Personal Lines
Current accident year reported losses greater than $5,000,000	—	—	—	1	1	—	—	—	1	—	1	—	2	1
Current accident year reported losses $1,000,000 - $5,000,000	7	3	6	7	5	9	11	2	13	13	17	23	21	26
Prior accident year reported losses on large losses	1	1	3	2	—	2	2	—	5	2	6	5	7	5
Non-Catastrophe reported losses on large losses total	8	4	9	10	6	11	13	2	19	15	24	28	30	32
Excess & Surplus Lines
Current accident year reported losses greater than $5,000,000	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Current accident year reported losses $1,000,000 - $5,000,000	1	1	—	—	—	—	—	—	—	—	1	—	4	2
Prior accident year reported losses on large losses	—	—	—	—	—	—	1	1	—	2	—	2	—	2
Non-Catastrophe reported losses on large losses total	1	1	—	—	—	—	1	1	—	2	1	2	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, 2018
(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		2018		2017
Risk State	Comm Casualty		Comm Property		Comm Auto		Workers' Comp		Other Comm		Personal Auto		Home Owner		Other Personal		All Lines		Total		Total
OH	$	152.3	$	145.7	$	93.3	$	—	$	40.1	$	133.1	$	113.8	$	36.0	$	16.7	$	731.0	$	722.0	1.0		1.4		3.9		1.2
IL	65.9		57.8		35.3		43.3		12.9		29.9		29.4		8.6		16.1		299.2		307.4		(4.8	)	2.9		4.6		(2.7	)
GA	42.1		48.1		31.7		14.2		14.1		56.9		51.5		12.8		17.2		288.6		283.2		(2.5	)	6.7		11.2		1.9
IN	55.1		55.2		34.4		23.6		14.7		31.4		33.9		7.7		13.0		269.0		270.8		—		(3.6	)	6.2		(0.7	)
NC	52.6		62.7		27.8		16.2		13.8		38.2		34.4		9.5		11.7		266.9		257.9		3.4		2.4		14.0		3.5
PA	68.1		52.0		41.7		42.7		11.7		15.8		13.3		5.0		11.8		262.1		248.2		4.8		9.6		8.4		5.6
MI	45.2		42.9		25.5		14.8		11.2		44.8		30.2		5.9		7.7		228.2		247.2		(2.4	)	(16.2	)	2.9		(7.7	)
TN	39.4		44.2		24.6		8.8		12.1		19.5		24.5		6.2		7.5		186.8		188.0		(1.7	)	(0.6	)	18.4		(0.6	)
KY	28.5		37.8		22.9		3.5		8.0		29.8		28.8		6.6		6.2		172.1		172.6		0.4		(2.0	)	9.1		(0.3	)
AL	27.2		36.7		16.7		1.0		7.4		28.0		37.0		7.2		9.6		170.8		166.1		0.9		4.9		4.6		2.8
VA	35.5		33.9		26.6		17.7		12.4		14.7		12.8		4.5		5.3		163.4		154.2		6.1		6.2		2.2		6.0
TX	49.1		25.8		32.0		2.0		6.9		5.4		7.9		2.9		21.4		153.4		145.3		(4.9	)	312.7		9.7		5.6
MO	33.3		36.9		19.9		13.1		5.8		12.6		15.5		3.3		10.2		150.6		142.1		2.0		19.9		12.6		6.0
NY	40.8		20.6		15.1		4.5		4.8		17.2		25.9		9.1		8.5		146.5		118.6		7.8		52.4		76.7		23.5
MN	26.5		26.3		10.8		8.5		5.6		20.0		21.7		5.8		8.1		133.3		131.9		0.1		1.2		10.2		1.1
WI	28.6		26.4		14.5		24.6		6.5		9.9		10.0		4.1		6.6		131.2		130.1		(0.8	)	2.8		26.5		0.8
MD	20.6		14.2		17.1		9.3		4.7		16.5		12.4		3.5		3.6		101.9		97.7		(1.8	)	17.4		25.8		4.3
FL	33.1		14.6		18.2		1.7		5.6		5.9		3.7		1.2		15.7		99.7		84.4		12.9		28.2		41.6		18.1
AR	11.6		21.9		11.7		2.1		3.8		10.8		12.0		3.0		4.0		80.9		82.8		(3.5	)	(2.4	)	14.8		(2.3	)
IA	17.5		20.5		8.9		13.4		5.4		5.1		5.7		1.6		2.1		80.2		81.3		(2.0	)	(0.1	)	10.1		(1.4	)
AZ	22.1		12.1		15.6		5.6		2.9		8.2		6.8		2.8		3.8		79.9		76.8		2.1		10.2		9.1		4.0
SC	14.4		14.8		11.1		3.5		3.6		13.6		10.8		2.1		5.0		78.9		76.2		1.0		7.7		4.3		3.5
UT	19.1		9.8		13.2		1.2		2.8		9.2		5.8		1.5		5.4		68.0		66.3		(1.5	)	5.3		37.2		2.6
OR	18.9		11.1		13.9		0.1		2.8		6.3		2.9		0.9		5.1		62.0		53.3		21.0		10.5		(4.7	)	16.3
CO	17.9		10.2		14.1		1.2		2.6		1.3		2.7		0.4		9.6		60.0		59.2		(7.3	)	95.0		29.5		1.4
KS	11.3		15.5		7.5		4.4		3.1		4.6		7.1		1.4		2.5		57.4		57.1		(0.5	)	1.3		16.0		0.5
MT	20.3		13.1		11.5		0.1		2.7		3.0		3.0		0.8		1.7		56.2		52.4		8.2		—		5.2		7.3
CT	6.8		5.8		3.0		2.2		1.0		13.0		11.8		3.9		2.0		49.5		37.7		18.7		40.8		33.5		31.3
ID	15.0		10.4		9.6		1.7		2.1		3.8		2.9		0.8		2.5		48.8		44.4		10.6		2.5		21.4		9.9
NE	9.9		11.8		6.3		6.6		2.5		0.8		1.3		0.3		2.4		41.9		41.7		(0.4	)	0.5		11.0		0.5
CA	0.7		0.4		0.9		1.6		0.3		7.7		21.8		5.5		1.3		40.2		21.8		3.0		104.3		60.0		84.4
WA	11.9		7.1		9.2		—		2.2		0.6		0.8		0.4		2.4		34.6		26.7		24.6		533.1		9.9		29.6
WV	9.9		9.7		7.5		0.9		1.5		—		0.3		0.1		3.2		33.1		31.7		5.6		(11.1	)	2.7		4.4
VT	5.6		6.9		3.5		5.5		2.0		1.6		2.0		0.5		1.9		29.5		28.7		0.7		4.0		37.1		2.8
NM	10.2		6.4		7.4		0.9		2.2		—		—		—		2.2		29.3		25.9		11.8		101.6		29.6		13.1
DE	6.2		4.9		3.7		3.2		1.0		—		—		—		0.9		19.9		16.8		19.3		762.9		(4.1	)	18.5
NH	4.4		3.7		2.5		2.2		1.0		1.9		2.1		0.5		1.0		19.3		18.9		2.1		3.6		(0.2	)	2.1
ND	5.1		4.6		3.0		—		1.0		0.8		1.0		0.3		0.8		16.6		19.0		(14.9	)	2.4		6.5		(12.6	)
SD	3.4		3.8		2.3		2.2		1.1		—		—		—		0.7		13.5		13.7		(1.8	)	14.9		4.6		(1.5	)
NJ	0.9		1.0		0.9		1.6		0.4		2.0		2.9		1.4		1.1		12.2		7.6		18.3		92.3		194.9		60.5
WY	3.0		3.0		2.1		—		0.7		—		—		—		1.1		9.9		8.2		18.9		75.7		31.7		20.7
All Other	3.7		2.6		3.1		3.4		2.5		0.7		2.1		0.5		2.7		21.3		16.1		15.4		438.1		25.4		32.3
Total	$	1,093.7	$	992.9	$	680.6	$	313.1	$	249.5	$	624.6	$	612.5	$	168.6	$	262.3	$	4,997.8	$	4,832.0	1.4		6.7		14.1		3.4
Other Direct	—		2.4		3.6		5.1		—		7.8		0.2		0.8		—		19.9		23.0		(11.2	)	69.5		—		(13.6	)
Total Direct	$	1,093.7	$	995.3	$	684.2	$	318.2	$	249.5	$	632.4	$	612.7	$	169.4	$	262.3	$	5,017.7	$	4,855.0	1.3		6.5		14.1		3.4
Dollar amounts shown are rounded to the nearest hundred thousand; certain amounts may not add due to rounding. Percentage changes are calculated based on whole dollar amounts. nm - Not meaningful



Quarterly Property Casualty Data - Commercial Lines
(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/18			9/30/18			6/30/18			3/31/18			12/31/17			9/30/17			6/30/17			3/31/17			6/30/18			6/30/17			9/30/18			9/30/17			12/31/18			12/31/17
Commercial casualty:
Written premiums	$	251		$	251		$	291		$	287		$	248		$	257		$	280		$	297		$	578		$	577		$	829		$	834		$	1,080		$	1,082
Year over year change %-written premium	1		%	(2		)%	4		%	(3		)%	4		%	(1		)%	1		%	4		%	—		%	2		%	(1		)%	1		%	—		%	2		%
Earned premiums	270			268			272			265			268			268			271			265			537			536			805			804			1,075			1,072
Current accident year before catastrophe losses	66.8		%	64.5		%	66.8		%	67.9		%	67.5		%	63.1		%	60.1		%	60.7		%	67.3		%	60.4		%	66.4		%	61.3		%	66.5		%	62.9		%
Current accident year catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Prior accident years before catastrophe losses	(6.1		)	(8.0		)	(5.2		)	1.7			0.9			0.1			(2.5		)	5.6			(1.8		)	1.5			(3.9		)	1.0			(4.4		)	1.0
Prior accident years catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total loss and loss expense ratio	60.7		%	56.5		%	61.6		%	69.6		%	68.4		%	63.2		%	57.6		%	66.3		%	65.5		%	61.9		%	62.5		%	62.3		%	62.1		%	63.9		%
Commercial property:
Written premiums	$	223		$	232		$	240		$	237		$	217		$	230		$	233		$	239		$	477		$	472		$	709		$	702		$	932		$	919
Year over year change %-written premium	3		%	1		%	3		%	(1		)%	4		%	3		%	4		%	6		%	1		%	5		%	1		%	4		%	1		%	4		%
Earned premiums	232			229			231			228			229			225			226			223			459			449			688			674			920			903
Current accident year before catastrophe losses	52.7		%	40.7		%	45.8		%	58.6		%	48.2		%	48.6		%	49.7		%	50.2		%	52.2		%	50.0		%	48.3		%	49.4		%	49.4		%	49.1		%
Current accident year catastrophe losses	16.8			36.1			22.1			12.8			4.5			14.5			29.1			29.3			17.4			29.2			23.7			24.3			22.0			19.3
Prior accident years before catastrophe losses	(2.0		)	(1.0		)	(1.9		)	(6.4		)	(1.4		)	(1.1		)	(1.2		)	(0.7		)	(4.1		)	(1.0		)	(3.1		)	(1.0		)	(2.8		)	(1.1		)
Prior accident years catastrophe losses	(2.5		)	(2.9		)	(1.2		)	(2.6		)	(3.7		)	(1.9		)	(0.8		)	(3.8		)	(1.9		)	(2.3		)	(2.2		)	(2.1		)	(2.3		)	(2.5		)
Total loss and loss expense ratio	65.0		%	72.9		%	64.8		%	62.4		%	47.6		%	60.1		%	76.8		%	75.0		%	63.6		%	75.9		%	66.7		%	70.6		%	66.3		%	64.8		%
Commercial auto:
Written premiums	$	163		$	160		$	182		$	177		$	153		$	157		$	167		$	174		$	359		$	341		$	519		$	498		$	682		$	651
Year over year change %-written premium	7		%	2		%	9		%	2		%	5		%	4		%	7		%	10		%	5		%	9		%	4		%	7		%	5		%	7		%
Earned premiums	169			168			166			161			162			159			158			155			327			313			495			472			664			634
Current accident year before catastrophe losses	71.3		%	73.5		%	75.8		%	80.6		%	74.5		%	80.2		%	76.4		%	80.7		%	78.2		%	78.6		%	76.6		%	79.1		%	75.3		%	78.0		%
Current accident year catastrophe losses	0.1			0.1			2.1			0.2			(0.1		)	0.7			1.7			1.2			1.1			1.4			0.8			1.2			0.6			0.9
Prior accident years before catastrophe losses	4.4			1.8			3.3			(0.8		)	3.2			5.1			6.0			6.7			1.3			6.3			1.5			5.9			2.2			5.2
Prior accident years catastrophe losses	—			—			(0.1		)	(0.2		)	—			—			—			(0.2		)	(0.1		)	(0.1		)	(0.1		)	(0.1		)	(0.1		)	(0.1		)
Total loss and loss expense ratio	75.8		%	75.4		%	81.1		%	79.8		%	77.6		%	86.0		%	84.1		%	88.4		%	80.5		%	86.2		%	78.8		%	86.1		%	78.0		%	84.0		%
Workers' compensation:
Written premiums	$	67		$	66		$	83		$	95		$	73		$	75		$	79		$	99		$	178		$	178		$	244		$	253		$	311		$	326
Year over year change %-written premium	(8		)%	(12		)%	5		%	(4		)%	(6		)%	(10		)%	(8		)%	(6		)%	—		%	(7		)%	(4		)%	(8		)%	(5		)%	(7		)%
Earned premiums	79			80			85			80			81			84			86			84			165			170			245			254			324			335
Current accident year before catastrophe losses	78.8		%	74.6		%	73.0		%	73.1		%	76.2		%	71.6		%	68.9		%	69.8		%	73.1		%	69.3		%	73.6		%	70.1		%	74.9		%	71.6		%
Current accident year catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Prior accident years before catastrophe losses	(23.7		)	(10.8		)	(20.7		)	(16.1		)	(11.1		)	(16.6		)	(14.3		)	(21.6		)	(18.5		)	(17.9		)	(16.0		)	(17.5		)	(17.9		)	(15.9		)
Prior accident years catastrophe losses	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total loss and loss expense ratio	55.1		%	63.8		%	52.3		%	57.0		%	65.1		%	55.0		%	54.6		%	48.2		%	54.6		%	51.4		%	57.6		%	52.6		%	57.0		%	55.7		%
Other commercial:
Written premiums	$	57		$	65		$	60		$	58		$	55		$	59		$	54		$	56		$	118		$	110		$	183		$	169		$	240		$	224
Year over year change %-written premium	4		%	10		%	11		%	4		%	10		%	(2		)%	—		%	4		%	7		%	2		%	8		%	1		%	7		%	3		%
Earned premiums	61			60			58			56			56			56			55			54			114			109			174			165			235			221
Current accident year before catastrophe losses	38.5		%	33.2		%	38.2		%	37.8		%	35.2		%	35.1		%	35.3		%	40.2		%	38.0		%	37.7		%	36.3		%	36.9		%	37.0		%	36.4		%
Current accident year catastrophe losses	0.2			0.3			1.7			0.3			0.5			(0.2		)	1.8			1.9			1.0			1.8			0.8			1.2			0.6			1.0
Prior accident years before catastrophe losses	(9.1		)	(2.7		)	(14.8		)	(6.8		)	(9.9		)	(10.2		)	(20.0		)	(14.8		)	(10.9		)	(17.4		)	(8.1		)	(15.0		)	(8.4		)	(13.7		)
Prior accident years catastrophe losses	1.0			(0.1		)	0.3			(0.3		)	1.6			0.3			0.1			(0.5		)	—			(0.2		)	—			(0.1		)	0.2			0.4
Total loss and loss expense ratio	30.6		%	30.7		%	25.4		%	31.0		%	27.4		%	25.0		%	17.2		%	26.8		%	28.1		%	21.9		%	29.0		%	23.0		%	29.4		%	24.1		%
*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.



Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/18			9/30/18			6/30/18			3/31/18			12/31/17			9/30/17			6/30/17			3/31/17			6/30/18			6/30/17			9/30/18			9/30/17			12/31/18			12/31/17
Personal auto:
Written premiums	$	141		$	169		$	172		$	140		$	141		$	165		$	165		$	132		$	312		$	297		$	481		$	462		$	622		$	603
Year over year change %-written premium	—		%	2		%	4		%	6		%	7		%	7		%	7		%	7		%	5		%	7		%	4		%	7		%	3		%	7		%
Earned premiums	155			155			153			151			149			148			144			141			304			285			459			433			614			582
Current accident year before catastrophe losses	72.6		%	77.9		%	78.7		%	81.2		%	76.2		%	79.8		%	78.1		%	82.4		%	80.0		%	80.2		%	79.2		%	80.1		%	77.6		%	79.1		%
Current accident year catastrophe losses	0.4			1.1			1.3			0.8			(0.4		)	1.6			2.4			2.4			1.0			2.4			1.1			2.1			0.9			1.5
Prior accident years before catastrophe losses	(0.6		)	(2.1		)	(1.5		)	(4.3		)	1.4			1.1			(0.3		)	(1.1		)	(2.9		)	(0.7		)	(2.6		)	(0.1		)	(2.1		)	0.3
Prior accident years catastrophe losses	—			—			(0.1		)	(0.1		)	—			(0.1		)	(0.1		)	(0.2		)	(0.1		)	(0.1		)	(0.1		)	(0.1		)	(0.1		)	(0.1		)
Total loss and loss expense ratio	72.4		%	76.9		%	78.4		%	77.6		%	77.2		%	82.4		%	80.1		%	83.5		%	78.0		%	81.8		%	77.6		%	82.0		%	76.3		%	80.8		%
Homeowner:
Written premiums	$	141		$	162		$	164		$	121		$	132		$	150		$	150		$	110		$	285		$	260		$	447		$	410		$	588		$	542
Year over year change %-written premium	7		%	8		%	9		%	10		%	11		%	9		%	7		%	7		%	10		%	7		%	9		%	8		%	8		%	8		%
Earned premiums	146			142			139			136			134			131			128			125			275			253			417			384			563			518
Current accident year before catastrophe losses	42.6		%	49.8		%	57.7		%	55.8		%	55.0		%	46.7		%	48.4		%	48.4		%	56.7		%	48.5		%	54.4		%	47.8		%	51.3		%	49.6		%
Current accident year catastrophe losses	17.0			19.2			20.6			19.6			4.8			24.5			34.1			33.1			20.1			33.6			19.8			30.5			19.1			23.9
Prior accident years before catastrophe losses	—			3.6			8.1			2.4			(1.4		)	(0.2		)	(1.9		)	(2.6		)	5.3			(2.3		)	4.7			(1.5		)	3.5			(1.5		)
Prior accident years catastrophe losses	0.5			1.0			1.6			0.1			0.3			(1.4		)	(0.5		)	(0.5		)	0.9			(0.5		)	0.9			(0.8		)	0.8			(0.5		)
Total loss and loss expense ratio	60.1		%	73.6		%	88.0		%	77.9		%	58.7		%	69.6		%	80.1		%	78.4		%	83.0		%	79.3		%	79.8		%	76.0		%	74.7		%	71.5		%
Other personal:
Written premiums	$	41		$	46		$	45		$	36		$	36		$	40		$	42		$	31		$	81		$	73		$	127		$	113		$	168		$	149
Year over year change %-written premium	14		%	15		%	7		%	16		%	13		%	8		%	12		%	3		%	11		%	11		%	12		%	10		%	13		%	10		%
Earned premiums	41			41			39			38			37			35			35			34			77			69			118			104			159			141
Current accident year before catastrophe losses	42.7		%	60.6		%	50.1		%	28.9		%	54.0		%	46.7		%	68.3		%	45.6		%	39.6		%	57.1		%	46.9		%	53.5		%	45.8		%	53.7		%
Current accident year catastrophe losses	4.7			9.7			3.0			4.0			0.5			6.2			4.5			9.3			3.6			6.9			5.7			6.7			5.4			5.0
Prior accident years before catastrophe losses	(6.9		)	(8.7		)	13.9			7.2			(4.5		)	2.4			(0.1		)	(11.2		)	10.6			(5.6		)	3.9			(2.9		)	1.1			(3.3		)
Prior accident years catastrophe losses	0.1			0.1			0.2			(0.5		)	0.1			—			(0.9		)	(0.7		)	(0.2		)	(0.8		)	(0.1		)	(0.5		)	—			(0.4		)
Total loss and loss expense ratio	40.6		%	61.7		%	67.2		%	39.6		%	50.1		%	55.3		%	71.8		%	43.0		%	53.6		%	57.6		%	56.4		%	56.8		%	52.3		%	55.0		%

Quarterly Property Casualty Data - Excess & Surplus Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/18			9/30/18			6/30/18			3/31/18			12/31/17			9/30/17			6/30/17			3/31/17			6/30/18			6/30/17			9/30/18			9/30/17			12/31/18			12/31/17
Excess & Surplus:
Written premiums	$	65		$	59		$	64		$	61		$	54		$	51		$	61		$	53		$	125		$	114		$	184		$	165		$	249		$	219
Year over year change %-written premium	20		%	16		%	5		%	15		%	20		%	6		%	20		%	18		%	10		%	19		%	12		%	15		%	14		%	16		%
Earned premiums	61			60			57			56			56			53			52			48			113			100			173			153			234			209
Current accident year before catastrophe losses	50.9		%	53.3		%	56.9		%	54.6		%	57.6		%	49.1		%	54.2		%	55.5		%	55.8		%	54.8		%	54.9		%	52.8		%	53.9		%	54.0		%
Current accident year catastrophe losses	0.8			0.9			1.0			1.8			0.3			1.7			0.9			1.2			1.4			1.1			1.2			1.3			1.1			1.1
Prior accident years before catastrophe losses	(4.9		)	(11.3		)	(9.6		)	(17.2		)	(7.1		)	(4.7		)	(17.0		)	(27.4		)	(13.3		)	(22.0		)	(12.6		)	(15.9		)	(10.6		)	(13.6		)
Prior accident years catastrophe losses	—			(0.3		)	0.2			0.1			(0.1		)	(0.3		)	0.4			(0.4		)	0.1			—			—			(0.1		)	—			(0.1		)
Total loss and loss expense ratio	46.8		%	42.6		%	48.5		%	39.3		%	50.7		%	45.8		%	38.5		%	28.9		%	44.0		%	33.9		%	43.5		%	38.1		%	44.4		%	41.4		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently



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, 2018
Commercial casualty	$	337	$	178	$	515	$	91		$	36		$	34		$	161		$	428		$	36		$	212	$	676
Commercial property	525		52		577		39			(6		)	(5		)	28			564			(6		)	47		605
Commercial auto	398		72		470		—			33			16			49			398			33			88		519
Workers' compensation	166		33		199		(9		)	9			(4		)	(4		)	157			9			29		195
Other commercial	60		13		73		(8		)	(7		)	11			(4		)	52			(7		)	24		69
Total commercial lines	1,486		348		1,834		113			65			52			230			1,599			65			400		2,064

Personal auto	385		71		456		—			15			2			17			385			15			73		473
Homeowners	360		35		395		51			8			7			66			411			8			42		461
Other personal	69		5		74		(9		)	18			—			9			60			18			5		83
Total personal lines	814		111		925		42			41			9			92			856			41			120		1,017

Excess & surplus lines	49		28		77		13			9			12			34			62			9			40		111
Cincinnati Re	44		6		50		12			59			—			71			56			59			6		121
Total property casualty	$	2,393	$	493	$	2,886	$	180		$	174		$	73		$	427		$	2,573		$	174		$	566	$	3,313

Ceded loss and loss expense incurred for the twelve months ended December 31, 2018
Commercial casualty	$	—	$	1	$	1	$	10		$	(3	)	$	—		$	7		$	10		$	(3	)	$	1	$	8
Commercial property	1		—		1		(7		)	—			—			(7		)	(6		)	—			—		(6		)
Commercial auto	—		—		—		1			—			—			1			1			—			—		1
Workers' compensation	14		1		15		(2		)	(2		)	—			(4		)	12			(2		)	1		11
Other commercial	1		—		1		—			—			—			—			1			—			—		1
Total commercial lines	16		2		18		2			(5		)	—			(3		)	18			(5		)	2		15

Personal auto	2		—		2		4			—			—			4			6			—			—		6
Homeowners	10		—		10		27			2			—			29			37			2			—		39
Other personal	—		—		—		—			—			—			—			—			—			—		—
Total personal lines	12		—		12		31			2			—			33			43			2			—		45

Excess & surplus lines	3		—		3		4			—			—			4			7			—			—		7
Cincinnati Re	5		1		6		—			17			—			17			5			17			1		23
Total property casualty	$	36	$	3	$	39	$	37		$	14		$	—		$	51		$	73		$	14		$	3	$	90

Net loss and loss expense incurred for the twelve months ended December 31, 2018
Commercial casualty	$	337	$	177	$	514	$	81		$	39		$	34		$	154		$	418		$	39		$	211	$	668
Commercial property	524		52		576		46			(6		)	(5		)	35			570			(6		)	47		611
Commercial auto	398		72		470		(1		)	33			16			48			397			33			88		518
Workers' compensation	152		32		184		(7		)	11			(4		)	—			145			11			28		184
Other commercial	59		13		72		(8		)	(7		)	11			(4		)	51			(7		)	24		68
Total commercial lines	1,470		346		1,816		111			70			52			233			1,581			70			398		2,049

Personal auto	383		71		454		(4		)	15			2			13			379			15			73		467
Homeowners	350		35		385		24			6			7			37			374			6			42		422
Other personal	69		5		74		(9		)	18			—			9			60			18			5		83
Total personal lines	802		111		913		11			39			9			59			813			39			120		972

Excess & surplus lines	46		28		74		9			9			12			30			55			9			40		104
Cincinnati Re	39		5		44		12			42			—			54			51			42			5		98
Total property casualty	$	2,357	$	490	$	2,847	$	143		$	160		$	73		$	376		$	2,500		$	160		$	563	$	3,223

*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, 2018
Commercial casualty	$	77		$	46		$	123		$	37		$	—		$	10		$	47		$	114		$	—		$	56	$	170
Commercial property	135			15			150			8			(10		)	1			(1		)	143			(10		)	16		149
Commercial auto	111			18			129			(11		)	5			5			(1		)	100			5			23		128
Workers' compensation	41			8			49			(3		)	(2		)	1			(4		)	38			(2		)	9		45
Other commercial	16			3			19			(1		)	(3		)	4			—			15			(3		)	7		19
Total commercial lines	380			90			470			30			(10		)	21			41			410			(10		)	111		511

Personal auto	98			17			115			1			(3		)	2			—			99			(3		)	19		115
Homeowners	97			9			106			22			(10		)	1			13			119			(10		)	10		119
Other personal	21			1			22			(10		)	4			—			(6		)	11			4			1		16
Total personal lines	216			27			243			13			(9		)	3			7			229			(9		)	30		250

Excess & surplus lines	14			8			22			1			9			2			12			15			9			10		34
Cincinnati Re	10			2			12			2			55			—			57			12			55			2		69
Total property casualty	$	620		$	127		$	747		$	46		$	45		$	26		$	117		$	666		$	45		$	153	$	864

Ceded loss and loss expense incurred for the three months ended December 31, 2018
Commercial casualty	$	(1	)	$	—		$	(1	)	$	8		$	(1	)	$	—		$	7		$	7		$	(1	)	$	—	$	6
Commercial property	—			—			—			(3		)	—			—			(3		)	(3		)	—			—		(3		)
Commercial auto	—			—			—			—			—			—			—			—			—			—		—
Workers' compensation	3			1			4			(1		)	(1		)	—			(2		)	2			(1		)	1		2
Other commercial	1			—			1			—			—			—			—			1			—			—		1
Total commercial lines	3			1			4			4			(2		)	—			2			7			(2		)	1		6

Personal auto	1			—			1			3			—			—			3			4			—			—		4
Homeowners	8			—			8			20			2			—			22			28			2			—		30
Other personal	—			—			—			—			—			—			—			—			—			—		—
Total personal lines	9			—			9			23			2			—			25			32			2			—		34

Excess & surplus lines	1			—			1			4			—			—			4			5			—			—		5
Cincinnati Re	1			(1		)	—			1			19			1			21			2			19			—		21
Total property casualty	$	14		$	—		$	14		$	32		$	19		$	1		$	52		$	46		$	19		$	1	$	66

Net loss and loss expense incurred for the three months ended December 31, 2018
Commercial casualty	$	78		$	46		$	124		$	29		$	1		$	10		$	40		$	107		$	1		$	56	$	164
Commercial property	135			15			150			11			(10		)	1			2			146			(10		)	16		152
Commercial auto	111			18			129			(11		)	5			5			(1		)	100			5			23		128
Workers' compensation	38			7			45			(2		)	(1		)	1			(2		)	36			(1		)	8		43
Other commercial	15			3			18			(1		)	(3		)	4			—			14			(3		)	7		18
Total commercial lines	377			89			466			26			(8		)	21			39			403			(8		)	110		505

Personal auto	97			17			114			(2		)	(3		)	2			(3		)	95			(3		)	19		111
Homeowners	89			9			98			2			(12		)	1			(9		)	91			(12		)	10		89
Other personal	21			1			22			(10		)	4			—			(6		)	11			4			1		16
Total personal lines	207			27			234			(10		)	(11		)	3			(18		)	197			(11		)	30		216

Excess & surplus lines	13			8			21			(3		)	9			2			8			10			9			10		29
Cincinnati Re	9			3			12			1			36			(1		)	36			10			36			2		48
Total property casualty	$	606		$	127		$	733		$	14		$	26		$	25		$	65		$	620		$	26		$	152	$	798

*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
	12/31/18			9/30/18			6/30/18			3/31/18			12/31/17			9/30/17			6/30/17			3/31/17			6/30/18			6/30/17			9/30/18			9/30/17			12/31/18			12/31/17
Premiums
Agency renewal written premiums	$	1,037		$	1,088		$	1,150		$	1,083		$	987		$	1,064		$	1,090		$	1,057		$	2,233		$	2,147		$	3,321		$	3,211		$	4,358		$	4,198
Agency new business written premiums	158			154			181			159			151			157			165			153			340			318			494			475			652			626
Cincinnati Re net written premiums	28			36			48			46			21			24			40			40			94			80			130			104			158			125
Other written premiums	(46		)	(32		)	(30		)	(30		)	(29		)	(37		)	(24		)	(19		)	(60		)	(43		)	(92		)	(80		)	(138		)	(109		)
Net written premiums – statutory*	$	1,177		$	1,246		$	1,349		$	1,258		$	1,130		$	1,208		$	1,271		$	1,231		$	2,607		$	2,502		$	3,853		$	3,710		$	5,030		$	4,840
Unearned premium change	76			(9		)	(119		)	(58		)	69			(17		)	(90		)	(80		)	(177		)	(170		)	(186		)	(187		)	(110		)	(118		)
Earned premiums	$	1,253		$	1,237		$	1,230		$	1,200		$	1,199		$	1,191		$	1,181		$	1,151		$	2,430		$	2,332		$	3,667		$	3,523		$	4,920		$	4,722
Year over year change %
Agency renewal written premiums	5		%	2		%	6		%	2		%	4		%	3		%	3		%	3		%	4		%	3		%	3		%	3		%	4		%	3		%
Agency new business written premiums	5			(2		)	10			4			13			5			15			22			7			19			4			14			4			14
Cincinnati Re net written premiums	33			50			20			15			40			14			150			111			18			129			25			86			26			76
Other written premiums	(59		)	(14		)	(25		)	(58		)	19			(19		)	(9		)	24			(40		)	9			(15		)	(3		)	(27		)	4
Net written premiums – statutory*	4			3			6			2			6			3			6			7			4			7			4			6			4			6
Paid losses and loss expenses
Losses paid	$	606		$	585		$	586		$	579		$	614		$	607		$	587		$	567		$	1,165		$	1,154		$	1,750		$	1,761		$	2,356		$	2,375
Loss expenses paid	127			120			109			135			115			118			108			127			244			235			364			353			491			468
Loss and loss expenses paid	$	733		$	705		$	695		$	714		$	729		$	725		$	695		$	694		$	1,409		$	1,389		$	2,114		$	2,114		$	2,847		$	2,843
Incurred losses and loss expenses
Loss and loss expense incurred	$	798		$	813		$	821		$	791		$	741		$	815		$	794		$	788		$	1,612		$	1,582		$	2,425		$	2,397		$	3,223		$	3,138
Loss and loss expenses paid as a % of incurred	91.9		%	86.7		%	84.7		%	90.3		%	98.4		%	89.0		%	87.5		%	88.1		%	87.4		%	87.8		%	87.2		%	88.2		%	88.3		%	90.6		%
Statutory combined ratio
Loss ratio	51.5		%	54.8		%	54.9		%	55.2		%	49.9		%	57.0		%	56.5		%	56.3		%	55.0		%	56.4		%	54.9		%	56.6		%	54.1		%	54.9		%
Loss adjustment expense ratio	12.2			10.9			11.8			10.8			11.9			11.4			10.8			12.1			11.3			11.4			11.2			11.4			11.4			11.5
Net underwriting expense ratio	31.8			31.0			29.1			30.4			32.5			30.7			29.9			30.2			29.8			30.1			30.2			30.3			30.5			30.8
Statutory combined ratio	95.5		%	96.7		%	95.8		%	96.4		%	94.3		%	99.1		%	97.2		%	98.6		%	96.1		%	97.9		%	96.3		%	98.3		%	96.0		%	97.2		%
Contribution from catastrophe losses	7.0			9.7			7.1			4.4			0.9			9.1			9.8			9.2			5.8			9.5			7.1			9.3			7.1			7.2
Statutory combined ratio excl. catastrophe losses	88.5		%	87.0		%	88.7		%	92.0		%	93.4		%	90.0		%	87.4		%	89.4		%	90.3		%	88.4		%	89.2		%	89.0		%	88.9		%	90.0		%
GAAP combined ratio
GAAP combined ratio	93.9		%	96.8		%	97.2		%	97.9		%	92.9		%	99.3		%	98.3		%	99.7		%	97.5		%	99.0		%	97.3		%	99.1		%	96.4		%	97.5		%
Contribution from catastrophe losses	7.0			9.7			7.1			4.4			0.9			9.1			9.8			9.2			5.8			9.5			7.1			9.3			7.1			7.2
GAAP combined ratio excl. catastrophe losses	86.9		%	87.1		%	90.1		%	93.5		%	92.0		%	90.2		%	88.5		%	90.5		%	91.7		%	89.5		%	90.2		%	89.8		%	89.3		%	90.3		%
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
	12/31/18			9/30/18			6/30/18			3/31/18			12/31/17			9/30/17			6/30/17			3/31/17			6/30/18			6/30/17			9/30/18			9/30/17			12/31/18			12/31/17
Premiums
Agency renewal written premiums	$	694		$	702		$	758		$	771		$	672		$	707		$	729		$	772		$	1,529		$	1,501		$	2,231		$	2,208		$	2,925		$	2,880
Agency new business written premiums	101			94			118			104			96			99			99			103			222			202			316			301			417			397
Other written premiums	(34		)	(22		)	(20		)	(21		)	(22		)	(28		)	(15		)	(10		)	(41		)	(25		)	(63		)	(53		)	(97		)	(75		)
Net written premiums – statutory*	$	761		$	774		$	856		$	854		$	746		$	778		$	813		$	865		$	1,710		$	1,678		$	2,484		$	2,456		$	3,245		$	3,202
Unearned premium change	50			31			(44		)	(64		)	50			14			(17		)	(84		)	(108		)	(101		)	(77		)	(87		)	(27		)	(37		)
Earned premiums	$	811		$	805		$	812		$	790		$	796		$	792		$	796		$	781		$	1,602		$	1,577		$	2,407		$	2,369		$	3,218		$	3,165
Year over year change %
Agency renewal written premiums	3		%	(1		)%	4		%	—		%	2		%	1		%	2		%	2		%	2		%	2		%	1		%	2		%	2		%	2		%
Agency new business written premiums	5			(5		)	19			1			5			(2		)	6			18			10			12			5			7			5			7
Other written premiums	(55		)	21			(33		)	(110		)	21			27			(7		)	44			(64		)	22			(19		)	2			(29		)	9
Net written premiums – statutory*	2			(1		)	5			(1		)	3			—			2			5			2			3			1			2			1			3
Paid losses and loss expenses
Losses paid	$	377		$	370		$	350		$	371		$	401		$	376		$	370		$	381		$	722		$	751		$	1,092		$	1,127		$	1,469		$	1,528
Loss expenses paid	90			84			77			96			84			84			79			91			173			170			257			254			347			338
Loss and loss expenses paid	$	467		$	454		$	427		$	467		$	485		$	460		$	449		$	472		$	895		$	921		$	1,349		$	1,381		$	1,816		$	1,866
Incurred losses and loss expenses
Loss and loss expense incurred	$	505		$	515		$	510		$	519		$	487		$	501		$	519		$	535		$	1,029		$	1,054		$	1,544		$	1,555		$	2,049		$	2,042
Loss and loss expenses paid as a % of incurred	92.5		%	88.2		%	83.7		%	90.0		%	99.6		%	91.8		%	86.5		%	88.2		%	87.0		%	87.4		%	87.4		%	88.8		%	88.6		%	91.4		%
Statutory combined ratio
Loss ratio	48.6		%	51.8		%	50.3		%	54.4		%	48.2		%	51.1		%	53.8		%	55.0		%	52.3		%	54.5		%	52.1		%	53.4		%	51.3		%	52.0		%
Loss adjustment expense ratio	13.7			12.1			12.6			11.2			12.9			12.2			11.4			13.5			11.9			12.4			12.0			12.3			12.4			12.5
Net underwriting expense ratio	32.7			32.8			30.0			30.5			33.6			32.5			31.2			29.7			30.3			30.4			31.1			31.0			31.4			31.7
Statutory combined ratio	95.0		%	96.7		%	92.9		%	96.1		%	94.7		%	95.8		%	96.4		%	98.2		%	94.5		%	97.3		%	95.2		%	96.7		%	95.1		%	96.2		%
Contribution from catastrophe losses	4.2			9.5			6.5			2.9			0.3			3.8			8.5			7.6			4.7			8.1			6.3			6.6			5.8			5.0
Statutory combined ratio excl. catastrophe losses	90.8		%	87.2		%	86.4		%	93.2		%	94.4		%	92.0		%	87.9		%	90.6		%	89.8		%	89.2		%	88.9		%	90.1		%	89.3		%	91.2		%
GAAP combined ratio
GAAP combined ratio	93.4		%	95.9		%	94.2		%	98.3		%	92.9		%	95.2		%	97.1		%	100.4		%	96.2		%	98.8		%	96.1		%	97.6		%	95.4		%	96.4		%
Contribution from catastrophe losses	4.2			9.5			6.5			2.9			0.3			3.8			8.5			7.6			4.7			8.1			6.3			6.6			5.8			5.0
GAAP combined ratio excl. catastrophe losses	89.2		%	86.4		%	87.7		%	95.4		%	92.6		%	91.4		%	88.6		%	92.8		%	91.5		%	90.7		%	89.8		%	91.0		%	89.6		%	91.4		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. 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
	12/31/18			9/30/18			6/30/18			3/31/18			12/31/17			9/30/17			6/30/17			3/31/17			6/30/18			6/30/17			9/30/18			9/30/17			12/31/18			12/31/17
Premiums
Agency renewal written premiums	$	293		$	342		$	342		$	264		$	275		$	318		$	318		$	245		$	606		$	563		$	948		$	881		$	1,241		$	1,156
Agency new business written premiums	38			42			46			39			39			43			45			34			85			79			127			122			165			161
Other written premiums	(8		)	(7		)	(7		)	(6		)	(5		)	(6		)	(6		)	(6		)	(13		)	(12		)	(20		)	(18		)	(28		)	(23		)
Net written premiums – statutory*	$	323		$	377		$	381		$	297		$	309		$	355		$	357		$	273		$	678		$	630		$	1,055		$	985		$	1,378		$	1,294
Unearned premium change	19			(39		)	(50		)	28			11			(41		)	(50		)	27			(22		)	(23		)	(61		)	(64		)	(42		)	(53		)
Earned premiums	$	342		$	338		$	331		$	325		$	320		$	314		$	307		$	300		$	656		$	607		$	994		$	921		$	1,336		$	1,241
Year over year change %
Agency renewal written premiums	7		%	8		%	8		%	8		%	7		%	5		%	5		%	4		%	8		%	5		%	8		%	5		%	7		%	5		%
Agency new business written premiums	(3		)	(2		)	2			15			26			34			32			36			8			34			4			34			2			32
Other written premiums	(60		)	(17		)	(17		)	—			17			—			—			(20		)	(8		)	(9		)	(11		)	(6		)	(22		)	—
Net written premiums – statutory*	5			6			7			9			9			8			8			7			8			8			7			8			6			8
Paid losses and loss expenses
Losses paid	$	207		$	199		$	210		$	187		$	197		$	218		$	205		$	174		$	396		$	379		$	595		$	597		$	802		$	794
Loss expenses paid	28			28			25			32			24			27			24			30			56			54			84			81			112			104
Loss and loss expenses paid	$	235		$	227		$	235		$	219		$	221		$	245		$	229		$	204		$	452		$	433		$	679		$	678		$	914		$	898
Incurred losses and loss expenses
Loss and loss expense incurred	$	216		$	249		$	269		$	238		$	212		$	233		$	242		$	231		$	507		$	473		$	756		$	706		$	972		$	918
Loss and loss expenses paid as a % of incurred	108.8		%	91.2		%	87.4		%	92.0		%	104.2		%	105.2		%	94.6		%	88.3		%	89.2		%	91.5		%	89.8		%	96.0		%	94.0		%	97.8		%
Statutory combined ratio
Loss ratio	54.3		%	65.6		%	71.0		%	64.5		%	57.2		%	64.5		%	70.3		%	67.5		%	67.7		%	68.9		%	67.0		%	67.4		%	63.8		%	64.8		%
Loss adjustment expense ratio	9.0			8.1			10.1			8.8			9.1			9.5			8.8			9.3			9.5			9.1			9.0			9.2			9.0			9.2
Net underwriting expense ratio	29.8			26.9			26.6			31.3			30.0			26.9			26.7			31.2			28.7			28.6			28.0			28.0			28.4			28.4
Statutory combined ratio	93.1		%	100.6		%	107.7		%	104.6		%	96.3		%	100.9		%	105.8		%	108.0		%	105.9		%	106.6		%	104.0		%	104.6		%	101.2		%	102.4		%
Contribution from catastrophe losses	8.2			10.2			10.2			8.9			1.9			11.1			15.4			15.6			9.6			15.5			9.8			14.0			9.4			10.9
Statutory combined ratio excl. catastrophe losses	84.9		%	90.4		%	97.5		%	95.7		%	94.4		%	89.8		%	90.4		%	92.4		%	96.3		%	91.1		%	94.2		%	90.6		%	91.8		%	91.5		%
GAAP combined ratio
GAAP combined ratio	91.7		%	103.0		%	110.1		%	103.2		%	95.5		%	103.1		%	108.4		%	105.5		%	106.7		%	107.0		%	105.4		%	105.6		%	101.9		%	103.0		%
Contribution from catastrophe losses	8.2			10.2			10.2			8.9			1.9			11.1			15.4			15.6			9.6			15.5			9.8			14.0			9.4			10.9
GAAP combined ratio excl. catastrophe losses	83.5		%	92.8		%	99.9		%	94.3		%	93.6		%	92.0		%	93.0		%	89.9		%	97.1		%	91.5		%	95.6		%	91.6		%	92.5		%	92.1		%
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 - Excess & Surplus Lines

(Dollars in millions)	Three months ended																								Six months ended						Nine months ended						Twelve months ended
	12/31/18			9/30/18			6/30/18			3/31/18			12/31/17			9/30/17			6/30/17			3/31/17			6/30/18			6/30/17			9/30/18			9/30/17			12/31/18			12/31/17
Premiums
Agency renewal written premiums	$	50		$	44		$	50		$	48		$	40		$	39		$	43		$	40		$	98		$	83		$	142		$	122		$	192		$	162
Agency new business written premiums	19			18			17			16			16			15			21			16			33			37			51			52			70			68
Other written premiums	(4		)	(3		)	(3		)	(3		)	(2		)	(3		)	(3		)	(3		)	(6		)	(6		)	(9		)	(9		)	(13		)	(11		)
Net written premiums – statutory*	$	65		$	59		$	64		$	61		$	54		$	51		$	61		$	53		$	125		$	114		$	184		$	165		$	249		$	219
Unearned premium change	(4		)	1			(7		)	(5		)	2			2			(9		)	(5		)	(12		)	(14		)	(11		)	(12		)	(15		)	(10		)
Earned premiums	$	61		$	60		$	57		$	56		$	56		$	53		$	52		$	48		$	113		$	100		$	173		$	153		$	234		$	209
Year over year change %
Agency renewal written premiums	25		%	13		%	16		%	20		%	14		%	11		%	16		%	18		%	18		%	17		%	16		%	15		%	19		%	15		%
Agency new business written premiums	19			20			(19		)	—			33			(6		)	31			23			(11		)	28			(2		)	16			3			19
Other written premiums	(100		)	—			—			—			—			—			(50		)	(50		)	—			(50		)	—			(29		)	(18		)	(22		)
Net written premiums – statutory*	20			16			5			15			20			6			20			18			10			19			12			15			14			16
Paid losses and loss expenses
Losses paid	$	13		$	10		$	14		$	9		$	9		$	8		$	11		$	10		$	23		$	21		$	33		$	29		$	46		$	38
Loss expenses paid	8			7			6			7			6			6			5			6			13			11			20			17			28			23
Loss and loss expenses paid	$	21		$	17		$	20		$	16		$	15		$	14		$	16		$	16		$	36		$	32		$	53		$	46		$	74		$	61
Incurred losses and loss expenses
Loss and loss expense incurred	$	29		$	25		$	29		$	21		$	28		$	24		$	20		$	14		$	50		$	34		$	75		$	58		$	104		$	86
Loss and loss expenses paid as a % of incurred	72.4		%	68.0		%	69.0		%	76.2		%	53.6		%	58.3		%	80.0		%	114.3		%	72.0		%	94.1		%	70.7		%	79.3		%	71.2		%	70.9		%
Statutory combined ratio
Loss ratio	30.7		%	25.8		%	33.9		%	18.8		%	32.8		%	30.1		%	20.3		%	15.8		%	26.5		%	18.2		%	26.2		%	22.4		%	27.4		%	25.1		%
Loss adjustment expense ratio	16.1			16.8			14.6			20.5			17.9			15.7			18.2			13.1			17.5			15.7			17.3			15.7			17.0			16.3
Net underwriting expense ratio	29.3			30.5			28.7			28.0			29.2			31.6			28.6			32.8			28.3			30.6			29.0			30.9			29.1			30.5
Statutory combined ratio	76.1		%	73.1		%	77.2		%	67.3		%	79.9		%	77.4		%	67.1		%	61.7		%	72.3		%	64.5		%	72.5		%	69.0		%	73.5		%	71.9		%
Contribution from catastrophe losses	0.8			0.6			1.2			1.9			0.2			1.4			1.3			0.8			1.5			1.1			1.2			1.2			1.1			1.0
Statutory combined ratio excl. catastrophe losses	75.3		%	72.5		%	76.0		%	65.4		%	79.7		%	76.0		%	65.8		%	60.9		%	70.8		%	63.4		%	71.3		%	67.8		%	72.4		%	70.9		%
GAAP combined ratio
GAAP combined ratio	75.4		%	72.0		%	77.6		%	68.8		%	79.8		%	74.8		%	66.2		%	62.3		%	73.3		%	64.3		%	72.8		%	68.0		%	73.5		%	71.1		%
Contribution from catastrophe losses	0.8			0.6			1.2			1.9			0.2			1.4			1.3			0.8			1.5			1.1			1.2			1.2			1.1			1.0
GAAP combined ratio excl. catastrophe losses	74.6		%	71.4		%	76.4		%	66.9		%	79.6		%	73.4		%	64.9		%	61.5		%	71.8		%	63.2		%	71.6		%	66.8		%	72.4		%	70.1		%
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.



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)	2018			2017		Change			% Change		2018			2017			Change			% Change
Net premiums written	$	77		$	72	$	5		7		$	294		$	273		$	21		8
Net investment income	39			41		(2		)	(5	)	157			163			(6		)	(4	)
Amortization of interest maintenance reserve	1			—		1			nm		3			4			(1		)	(25	)
Commissions and expense allowances on reinsurance ceded	2			1		1			100		5			5			—			—
Income from fees associated with Separate Accounts	1			2		(1		)	(50	)	4			6			(2		)	(33	)
Total revenues	$	120		$	116	$	4		3		$	463		$	451		$	12		3

Death benefits and matured endowments	$	38		$	29	$	9		31		$	114		$	104		$	10		10
Annuity benefits	28			24		4			17		101			83			18			22
Disability benefits and benefits under accident and health contracts	1			—		1			nm		2			2			—			—
Surrender benefits and group conversions	6			5		1			20		27			20			7			35
Interest and adjustments on deposit-type contract funds	2			3		(1		)	(33	)	9			9			—			—
Increase in aggregate reserves for life and accident and health contracts	25			29		(4		)	(14	)	103			132			(29		)	(22	)
Total benefit expenses	$	100		$	90	$	10		11		$	356		$	350		$	6		2

Commissions	$	14		$	11	$	3		27		$	52		$	44		$	8		18
General insurance expenses and taxes	13			11		2			18		50			46			4			9
Increase in loading on deferred and uncollected premiums	—			1		(1		)	(100	)	1			—			1			nm
Net transfers from Separate Accounts	(2		)	—		(2		)	nm		(2		)	(2		)	—			—
Total underwriting expenses	$	25		$	23	$	2		9		$	101		$	88		$	13		15

Federal and foreign income tax provision	3			2		1			50		2			—			2			nm

Net loss from operations before capital gains and losses	$	(8	)	$	1	$	(9	)	nm		$	4		$	13		$	(9	)	(69	)

Gains and losses net of capital gains tax, net	(4		)	3		(7		)	nm		(4		)	(1		)	(3		)	nm

Net income (loss) - statutory	$	(12	)	$	4	$	(16	)	nm		$	—		$	12		$	(12	)	(100	)

Policyholders' surplus - statutory	$	191		$	195	$	(4	)	(2	)	$	191		$	195		$	(4	)	(2	)

Fixed maturities at amortized cost - statutory	$	3,384		$	3,271	$	113		3		$	3,384		$	3,271		$	113		3
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
	12/31/18			9/30/18			6/30/18			3/31/18			12/31/17			9/30/17			6/30/17			3/31/17			6/30/18			6/30/17			9/30/18			9/30/17			12/31/18			12/31/17
Noninsurance Operations:
Interest and fees on loans and leases	$	—		$	2		$	1		$	1		$	1		$	1		$	1		$	1		$	2		$	2		$	4		$	3		$	4		$	4
Other revenue	1			—			—			—			—			1			—			—			—			—			—			1			1			1
Interest expense	13			14			13			13			14			13			13			13			26			26			40			39			53			53
Operating expense	6			3			3			4			2			3			4			4			7			8			10			11			16			13
Cincinnati Re:
Net written premiums	$	28		$	36		$	48		$	46		$	21		$	24		$	40		$	40		$	94		$	80		$	130		$	104		$	158		$	125
Earned premiums	39			34			30			29			27			32			26			22			59			48			93			80			132			107
Loss and loss expenses from:
Current accident year before catastrophe losses	19			15			15			15			12			13			13			12			30			25			45			38			64			50
Current accident year catastrophe losses	25			8			—			—			2			43			—			—			—			—			8			43			33			45
Prior accident years before catastrophe losses	4			1			(2		)	(2		)	—			1			—			(3		)	(4		)	(3		)	(3		)	(2		)	1			(2		)
Prior accident years catastrophe losses	—			—			—			—			—			—			—			(1		)	—			(1		)	—			(1		)	—			(1		)
Loss and loss expenses	$	48		$	24		$	13		$	13		$	14		$	57		$	13		$	8		$	26		$	21		$	50		$	78		$	98		$	92
Underwriting expenses	12			10			9			11			10			7			9			9			20			18			30			25			42			35
Underwriting profit (loss)	$	(21	)	$	—		$	8		$	5		$	3		$	(32	)	$	4		$	5		$	13		$	9		$	13		$	(23	)	$	(8	)	$	(20	)
Ratios as a percent of earned premiums:
Current accident year before catastrophe losses	47.4		%	42.5		%	50.0		%	53.4		%	44.5		%	41.1		%	48.8		%	54.1		%	51.6		%	51.2		%	48.3		%	47.3		%	48.0		%	46.5		%
Current accident year catastrophe losses	63.9			23.7			—			—			6.1			137.2			—			—			—			—			8.8			53.8			24.9			41.5
Prior accident years before catastrophe losses	13.2			2.3			(5.8		)	(9.3		)	1.4			1.6			(1.2		)	(12.4		)	(7.5		)	(6.2		)	(3.9		)	(3.2		)	1.1			(2.0		)
Prior accident years catastrophe losses	(0.6		)	0.8			(0.1		)	(0.3		)	—			—			0.3			(4.5		)	(0.2		)	(1.9		)	0.2			(1.2		)	—			(0.8		)
Loss and loss expenses	123.9		%	69.3		%	44.1		%	43.8		%	52.0		%	179.9		%	47.9		%	37.2		%	43.9		%	43.1		%	53.4		%	96.7		%	74.0		%	85.2		%
Underwriting expenses	29.1			31.7			29.1			38.0			35.0			27.5			32.0			40.8			33.5			36.0			32.8			32.7			31.8			33.3
GAAP combined ratio	153.0		%	101.0		%	73.2		%	81.8		%	87.0		%	207.4		%	79.9		%	78.0		%	77.4		%	79.1		%	86.2		%	129.4		%	105.8		%	118.5		%
Totals for other:
Total revenues	$	40		$	36		$	31		$	30		$	28		$	34		$	27		$	23		$	61		$	50		$	97		$	84		$	137		$	112
Total expenses	79			51			38			41			40			80			39			34			79			73			130			153			209			193
Other loss	$	(39	)	$	(15	)	$	(7	)	$	(11	)	$	(12	)	$	(46	)	$	(12	)	$	(11	)	$	(18	)	$	(23	)	$	(33	)	$	(69	)	$	(72	)	$	(81	)
*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 Company	Fitch Ratings	Moody's Investors Service	S&P Global Ratings
Cincinnati Financial Corporation
Corporate Debt	a-	A-	A3	BBB+

The Cincinnati Insurance Companies
Insurer Financial Strength

Property Casualty Group
Standard Market Subsidiaries:	A+	—	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+