Item 16. Form 10-K Summary

This item is not applicable to the company.

Cincinnati Financial Corporation - 2024 10-K - Page 184

Schedule I

Cincinnati Financial Corporation and Subsidiaries
Summary of Investments - Other Than Investments in Related Parties
(Dollars in millions)						At December 31, 2024
Type of investment						Cost or amortized cost						Fair value						Balance sheet
Fixed maturities:
States, municipalities and political subdivisions:
The Cincinnati Insurance Company						$	3,462					$	3,335					$	3,335
The Cincinnati Casualty Company						225						213						213
The Cincinnati Indemnity Company						50						48						48
The Cincinnati Life Insurance Company						439						374						374
The Cincinnati Specialty Underwriters Insurance Company						756						712						712
Cincinnati Financial Corporation						44						39						39
Total						4,976						4,721						4,721
United States government:
The Cincinnati Insurance Company						99						97						97
The Cincinnati Casualty Company						2						2						2
The Cincinnati Indemnity Company						3						3						3
Cincinnati Global Underwriting Ltd.						124						124						124
Total						228						226						226
Government-sponsored enterprises:
The Cincinnati Insurance Company						1,433						1,427						1,427
The Cincinnati Casualty Company						56						56						56
The Cincinnati Indemnity Company						13						13						13
The Cincinnati Life Insurance Company						410						408						408
The Cincinnati Specialty Underwriters Insurance Company						253						253						253
Cincinnati Global Underwriting Ltd.						7						7						7
Cincinnati Financial Corporation						110						110						110
Total						2,282						2,274						2,274
Foreign government:
Cincinnati Global Underwriting Ltd.						30						30						30
Total						30						30						30
All other corporate bonds:
The Cincinnati Insurance Company						5,297						5,198						5,198
The Cincinnati Casualty Company						110						101						101
The Cincinnati Indemnity Company						35						33						33
The Cincinnati Life Insurance Company						3,088						2,938						2,938
The Cincinnati Specialty Underwriters Insurance Company						475						448						448
Cincinnati Global Underwriting Ltd.						189						189						189
Cincinnati Financial Corporation						25						24						24
Total						9,219						8,931						8,931
Total fixed maturities						$	16,735					$	16,182					$	16,182

Cincinnati Financial Corporation - 2024 10-K - Page 185

Schedule I (continued)

Cincinnati Financial Corporation and Subsidiaries
Summary of Investments - Other Than Investments in Related Parties
(Dollars in millions)						At December 31, 2024
Type of investment						Cost or amortized cost						Fair value						Balance sheet
Equity securities:
Common equities:
The Cincinnati Insurance Company						$	2,006					$	5,660					$	5,660
The Cincinnati Casualty Company						53						179						179
The Cincinnati Indemnity Company						14						40						40
The Cincinnati Specialty Underwriters Insurance Company						94						364						364
CSU Producer Resources Inc.						15						30						30
Cincinnati Financial Corporation						1,386						4,563						4,563
Total						3,568						10,836						10,836
Nonredeemable preferred equities:
The Cincinnati Insurance Company						369						334						334
The Cincinnati Life Insurance Company						13						13						13
Cincinnati Financial Corporation						3						2						2
Total						385						349						349
Total equity securities						$	3,953					$	11,185					$	11,185
Short-term investments:
Cincinnati Financial Corporation						298						298						298
Total short-term investments						$	298					$	298					$	298
Other invested assets:
Policy loans:
The Cincinnati Life Insurance Company						$	36					—						$	36
Deposits at Lloyd's:
Cincinnati Global Underwriting Ltd.						16						—						16
Private equity:
The Cincinnati Insurance Company (1)						524						—						524
The Cincinnati Life Insurance Company (1)						6						—						6
Cincinnati Financial Corporation (1)						37						—						37
Real estate:
The Cincinnati Insurance Company (1)						55						—						55
The Cincinnati Life Insurance Company (1)						36						—						36
Cincinnati Financial Corporation (1)						3						—						3
Total other invested assets						$	713					—						$	713
Total investments						$	21,699					—						$	28,378

Notes to Schedule I:

(1) These other invested assets are accounted for under the equity method.

Cincinnati Financial Corporation - 2024 10-K - Page 186

Schedule II

Cincinnati Financial Corporation (parent company only)
Condensed Balance Sheets
(Dollars in millions)						At December 31,
						2024						2023
Assets
Investments
Fixed maturities, at fair value (amortized cost: 2024—$179; 2023—$184)						$	173					$	176
Equity securities, at fair value (cost: 2024—$1,389; 2023—$1,645)						4,565						4,544
Short-term investments, at fair value (amortized cost: 2024—$298)						298						—
Other invested assets						40						49
Total investments						5,076						4,769
Cash and cash equivalents						167						138
Equity in net assets of subsidiaries						10,015						8,481
Investment income receivable						14						13
Land, building and equipment, net, for company use (accumulated depreciation: 2024—$174; 2023—$164)						142						138
Income tax receivable						9						4
Other assets						201						150
Due from subsidiaries						53						40
Total assets						$	15,677					$	13,733
Liabilities
Dividends declared but unpaid						$	127					$	118
Deferred federal income tax						697						624
Long-term debt						790						789
Other liabilities						128						104
Total liabilities						1,742						1,635
Shareholders' Equity
Common stock						397						397
Paid-in capital						1,502						1,437
Retained earnings						14,869						13,084
Accumulated other comprehensive income						(309)						(435)
Treasury stock, at cost						(2,524)						(2,385)
Total shareholders' equity						13,935						12,098
Total liabilities and shareholders' equity						$	15,677					$	13,733

This condensed financial information should be read in conjunction with the Consolidated Financial Statements and Notes included in Part II, Item 8.

Cincinnati Financial Corporation - 2024 10-K - Page 187

Schedule II (continued)

Cincinnati Financial Corporation (parent company only)
Condensed Statements of Income and Comprehensive Income
(Dollars in millions)						Years ended December 31,
						2024						2023						2022
Revenues
Investment income, net of expenses						$	122					$	109					$	101
Investment gains and losses, net						644						644						(790)
Other revenue						15						15						15
Total revenues						781						768						(674)
Expenses
Interest expense						52						52						53
Other expenses						42						38						33
Total expenses						94						90						86
Income (Loss) Before Income Taxes and Earnings of Subsidiaries						687						678						(760)
Provision (Benefit) for Income Taxes						140						134						(161)
Net Income (Loss) Before Earnings of Subsidiaries						547						544						(599)
Increase in equity of subsidiaries						1,745						1,299						112
Net Income (Loss)						$	2,292					$	1,843					$	(487)
Other Comprehensive Income (Loss), Net of Taxes
Change in unrealized gain on securities						2						4						(10)
Amortization of pension actuarial gains (losses) and prior service costs						36						(5)						7
Other Comprehensive Income (Loss), Net of Taxes Before Other Comprehensive Income (Loss) of Subsidiaries						38						(1)						(3)
Other comprehensive income (loss) of subsidiaries						88						180						(908)
Other comprehensive income (loss)						126						179						(911)
Comprehensive Income (Loss)						$	2,418					$	2,022					$	(1,398)

This condensed financial information should be read in conjunction with the Consolidated Financial Statements and Notes included in Part II, Item 8.

Cincinnati Financial Corporation - 2024 10-K - Page 188

Schedule II (continued)

Cincinnati Financial Corporation (parent company only)
Condensed Statements of Cash Flows
(Dollars in millions)						Years ended December 31,
						2024						2023						2022
Cash Flows From Operating Activities
Net income						$	2,292					$	1,843					$	(487)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization and other						4						10						9
Investment gains and losses, net						(641)						(644)						792
Dividends from subsidiaries						300						426						729
Changes in:
Increase in equity of subsidiaries						(1,745)						(1,299)						(112)
Current federal income taxes						(6)						1						(6)
Deferred income tax						64						144						(183)
Other assets						(4)						(12)						(7)
Other liabilities						3						3						1
Intercompany receivable for operations						21						95						28
Net cash provided by operating activities						288						567						764
Cash Flows From Investing Activities
Sale, call or maturity of fixed maturities						124						17						1
Sale of equity securities						665						138						192
Purchase of fixed maturities						(124)						(119)						(30)
Purchase of equity securities						(19)						(65)						(187)
Change in short-term investments, net						(295)						—						—
Investment in buildings and equipment						(14)						(10)						(4)
Change in other invested assets, net						9						—						(4)
Net cash (used in) received from investing activities						346						(39)						(32)
Cash Flows From Financing Activities
Payment of cash dividends to shareholders						(490)						(454)						(423)
Shares acquired - share repurchase authorization						(126)						(67)						(410)
Proceeds from stock options exercised						10						9						10
Other						1						1						1
Net cash used in financing activities						(605)						(511)						(822)
Net change in cash and cash equivalents						29						17						(90)
Cash and cash equivalents at beginning of year						138						121						211
Cash and cash equivalents at end of year						$	167					$	138					$	121

This condensed financial information should be read in conjunction with the Consolidated Financial Statements and Notes included in Part II, Item 8.

Cincinnati Financial Corporation - 2024 10-K - Page 189

Schedule III

Cincinnati Financial Corporation and Subsidiaries
Supplementary Insurance Information
(Dollars in millions)						Years ended December 31,
						2024						2023						2022
Deferred policy acquisition costs:
Commercial lines insurance						$	431					$	387					$	372
Personal lines insurance						276						210						168
Excess and surplus lines insurance						50						43						37
Other						129						109						105
Total property casualty insurance						886						749						682
Life insurance						356						344						331
Total						$	1,242					$	1,093					$	1,013
Gross future policy benefits, losses, claims and expense losses:
Commercial lines insurance						$	6,303					$	5,887					$	5,568
Personal lines insurance						1,209						990						916
Excess and surplus lines insurance						1,109						932						753
Other						1,316						1,166						1,099
Total property casualty insurance						9,937						8,975						8,336
Life insurance						2,983						3,094						3,038
Total (1)						$	12,920					$	12,069					$	11,374
Gross unearned premiums:
Commercial lines insurance						$	2,311					$	2,111					$	2,021
Personal lines insurance						1,633						1,253						994
Excess and surplus lines insurance						321						273						236
Other						547						481						437
Total property casualty insurance						4,812						4,118						3,688
Life insurance						1						1						1
Total (1)						$	4,813					$	4,119					$	3,689
Other policy claims and benefits payable:
Commercial lines insurance						$	—					$	—					$	—
Personal lines insurance						—						—						—
Excess and surplus lines insurance						—						—						—
Other						—						—						—
Total property casualty insurance						—						—						—
Life insurance						43						49						41
Total (1)						$	43					$	49					$	41
Earned premiums:
Commercial lines insurance						$	4,486					$	4,264					$	4,024
Personal lines insurance						2,623						2,044						1,689
Excess and surplus lines insurance						615						542						485
Other						844						795						726
Total property casualty insurance						8,568						7,645						6,924
Life insurance						321						313						301
Total						$	8,889					$	7,958					$	7,225

Cincinnati Financial Corporation - 2024 10-K - Page 190

Schedule III (continued)

Cincinnati Financial Corporation and Subsidiaries
Supplementary Insurance Information
(Dollars in millions)						Years ended December 31,
						2024						2023						2022
Investment income, net of expenses:
Commercial lines insurance						$	—					$	—					$	—
Personal lines insurance						—						—						—
Excess and surplus lines insurance						—						—						—
Other						—						—						—
Total property casualty insurance (2)						715						602						509
Life insurance						190						184						171
Total						$	905					$	786					$	680
Benefits, claims losses and settlement expenses:
Commercial lines insurance						$	2,795					$	2,787					$	2,761
Personal lines insurance						1,795						1,442						1,166
Excess and surplus lines insurance						411						350						315
Other						435						379						474
Total property casualty insurance						5,436						4,958						4,716
Life insurance						301						316						303
Total						$	5,737					$	5,274					$	5,019
Amortization of deferred policy acquisition costs:
Commercial lines insurance						$	853					$	808					$	769
Personal lines insurance						457						367						311
Excess and surplus lines insurance						102						89						79
Other						199						157						144
Total property casualty insurance						1,611						1,421						1,303
Life insurance						30						29						27
Total (3)						$	1,641					$	1,450					$	1,330
Underwriting, acquisition and insurance expenses:
Commercial lines insurance						$	531					$	505					$	460
Personal lines insurance						305						243						198
Excess and surplus lines insurance						65						52						45
Other						52						76						72
Total property casualty insurance						953						876						775
Life insurance						63						58						57
Total (3)						$	1,016					$	934					$	832
Net written premiums:
Commercial lines insurance						$	4,690					$	4,336					$	4,159
Personal lines insurance						2,999						2,302						1,831
Excess and surplus lines insurance						654						570						502
Other						900						838						815
Total property casualty insurance						9,243						8,046						7,307
Accident and health insurance						2						2						2
Total						$	9,245					$	8,048					$	7,309

Notes to Schedule III:

(1) The sum of gross future policy benefits, losses, claims and expense losses, gross unearned premiums and other policy claims and benefits payable is equal to the sum of Loss and loss expense reserves, Life policy reserves and investment contract reserves and Unearned premiums reported in the company’s consolidated balance sheets.

(2) This segment information is not regularly allocated to segments and reviewed by company management in making decisions about resources to be allocated to the segments or to assess their performance.

(3) The sum of amortization of deferred policy acquisition costs and other underwriting and insurance expenses is equal to Underwriting, acquisition and insurance expenses in the consolidated statements of income.

Cincinnati Financial Corporation - 2024 10-K - Page 191

Schedule IV

Cincinnati Financial Corporation and Subsidiaries
Reinsurance
(Dollars in millions)						Years ended December 31,
						2024						2023						2022
Gross amounts:
Life insurance in force						$	124,145					$	122,053					$	120,147
Earned premiums
Commercial lines insurance						$	4,638					$	4,399					$	4,150
Personal lines insurance						2,724						2,117						1,755
Excess and surplus lines insurance						652						572						510
Other						324						319						262
Total property casualty insurance						8,338						7,407						6,677
Life insurance						404						394						379
Total						$	8,742					$	7,801					$	7,056
Ceded amounts to other companies:
Life insurance in force						$	39,900					$	39,692					$	39,665
Earned premiums
Commercial lines insurance						$	162					$	147					$	137
Personal lines insurance						102						74						67
Excess and surplus lines insurance						37						30						25
Other						111						80						85
Total property casualty insurance						412						331						314
Life insurance						83						81						78
Total						$	495					$	412					$	392
Assumed amounts from other companies:
Life insurance in force						$	—					$	—					$	—
Earned premiums
Commercial lines insurance						$	10					$	12					$	11
Personal lines insurance						1						1						1
Excess and surplus lines insurance						—						—						—
Other						631						556						549
Total property casualty insurance						642						569						561
Life insurance						—						—						—
Total						$	642					$	569					$	561
Net amounts:
Life insurance in force						$	84,245					$	82,361					$	80,482
Earned premiums
Commercial lines insurance						$	4,486					$	4,264					$	4,024
Personal lines insurance						2,623						2,044						1,689
Excess and surplus lines insurance						615						542						485
Other						844						795						726
Total property casualty insurance						8,568						7,645						6,924
Life insurance						321						313						301
Total						$	8,889					$	7,958					$	7,225
Percentage of amounts assumed to net:
Life insurance in force						—		%				—		%				—		%
Earned premiums
Commercial lines insurance						0.2		%				0.3		%				0.3		%
Personal lines insurance						—						—						0.1
Excess and surplus lines insurance						—						—						—
Other						74.8						69.9						75.6
Total property casualty insurance						7.5						7.4						8.1
Life insurance						—						—						—
Total						7.2						7.2						7.8

Cincinnati Financial Corporation - 2024 10-K - Page 192

Schedule V

Cincinnati Financial Corporation and Subsidiaries
Valuation and Qualifying Accounts
(Dollars in millions)						At December 31,
						2024						2023						2022
Allowance for credit losses (1):
Beginning balance, January 1						$	36					$	17					$	16
Additions charged to costs and expenses						43						33						15
Deductions						(26)						(14)						(14)
Ending balance, December 31						$	53					$	36					$	17
Deferred tax valuation allowance:
Beginning balance, January 1						$	—					$	31					$	53
Additions charged to costs and expenses						—						—						—
Deductions						—						(31)						(22)
Ending balance, December 31						—						—						31
Total valuation and qualifying accounts						$	53					$	36					$	48

Notes to Schedule V:

(1) Includes allowances for credit losses related to premiums receivable, reinsurance recoverable, finance receivables and fixed-maturity securities.

Cincinnati Financial Corporation - 2024 10-K - Page 193

Schedule VI

Cincinnati Financial Corporation and Subsidiaries
Supplementary Information Concerning Property Casualty Insurance Operations
(Dollars in millions)						Years ended December 31,
						2024						2023						2022
Deferred policy acquisition costs:
Commercial lines insurance						$	431					$	387					$	372
Personal lines insurance						276						210						168
Excess and surplus lines insurance						50						43						37
Other						129						109						105
Total						$	886					$	749					$	682
Reserves for unpaid claims and claim adjustment expenses:
Commercial lines insurance						$	6,303					$	5,887					$	5,568
Personal lines insurance						1,209						990						916
Excess and surplus lines insurance						1,109						932						753
Other						1,316						1,166						1,099
Total						$	9,937					$	8,975					$	8,336
Reserve discount deducted						$	—					$	—					$	—
Gross unearned premiums:
Commercial lines insurance						$	2,311					$	2,111					$	2,021
Personal lines insurance						1,633						1,253						994
Excess and surplus lines insurance						321						273						236
Other						547						481						437
Total						$	4,812					$	4,118					$	3,688
Earned premiums:
Commercial lines insurance						$	4,486					$	4,264					$	4,024
Personal lines insurance						2,623						2,044						1,689
Excess and surplus lines insurance						615						542						485
Other						844						795						726
Total						$	8,568					$	7,645					$	6,924
Investment income, net of expenses:
Commercial lines insurance						$	—					$	—					$	—
Personal lines insurance						—						—						—
Excess and surplus lines insurance						—						—						—
Other						—						—						—
Total (1)						$	715					$	602					$	509

Note to Schedule VI:

(1) This segment information is not regularly allocated to segments and not reviewed by company management in making decisions about resources to be allocated to the segments or to assess their performance.

Cincinnati Financial Corporation - 2024 10-K - Page 194

Schedule VI (continued)

Cincinnati Financial Corporation and Subsidiaries
Supplementary Information Concerning Property Casualty Insurance Operations
(Dollars in millions)						Years ended December 31,
						2024						2023						2022
Loss and loss expenses incurred related to current accident year:
Commercial lines insurance						$	2,933					$	2,910					$	2,837
Personal lines insurance						1,821						1,506						1,227
Excess and surplus lines insurance						403						361						324
Other						515						396						487
Total						$	5,672					$	5,173					$	4,875
Loss and loss expenses incurred related to prior accident years:
Commercial lines insurance						$	(138)					$	(123)					$	(76)
Personal lines insurance						(26)						(64)						(61)
Excess and surplus lines insurance						8						(11)						(9)
Other						(80)						(17)						(13)
Total						$	(236)					$	(215)					$	(159)
Amortization of deferred policy acquisition costs:
Commercial lines insurance						$	853					$	808					$	769
Personal lines insurance						457						367						311
Excess and surplus lines insurance						102						89						79
Other						199						157						144
Total						$	1,611					$	1,421					$	1,303
Paid loss and loss expenses:
Commercial lines insurance						$	2,335					$	2,480					$	2,211
Personal lines insurance						1,565						1,353						1,071
Excess and surplus lines insurance						229						183						145
Other						252						260						260
Total						$	4,381					$	4,276					$	3,687
Net written premiums:
Commercial lines insurance						$	4,690					$	4,336					$	4,159
Personal lines insurance						2,999						2,302						1,831
Excess and surplus lines insurance						654						570						502
Other						900						838						815
Total						$	9,243					$	8,046					$	7,307

Cincinnati Financial Corporation - 2024 10-K - Page 195

Index of Exhibits

Exhibit No.			Exhibit Description
3.1			Amended and Restated Articles of Incorporation of Cincinnati Financial Corporation (incorporated by reference to Exhibit 3.1 filed with the company’s Quarterly Report on Form 10-Q filed on October 26, 2017)
3.2			Amended and Restated Code of Regulations of Cincinnati Financial Corporation, as of May 6, 2023 (incorporated by reference to Exhibit 3.1 filed with the company’s Current Report on Form 8-K filed on May 9, 2023)
4.1			Indenture with The Bank of New York Trust Company (incorporated by reference to the company’s Current Report on Form 8-K filed on November 2, 2004, filed with respect to the issuance of the company’s 6.125% Senior Notes due November 1, 2034)
4.2			Supplemental Indenture with The Bank of New York Trust Company (incorporated by reference to Exhibit 4.1 filed with the company’s Current Report on Form 8-K filed on November 2, 2004, filed with respect to the issuance of the company’s 6.125% Senior Notes due November 1, 2034)
4.3			Second Supplemental Indenture with The Bank of New York Trust Company (incorporated by reference to Exhibit 4.2 filed with the company’s Current Report on Form 8-K filed on May 9, 2005, filed with respect to the completion of the company’s exchange offer and rescission offer for its 6.90% senior debentures due 2028)
4.4			Form of 6.125% Exchange Note Due 2034 (included in Exhibit 4.2)
4.5			Form of 6.92% Debentures Due 2028 (included in Exhibit 4.3)
4.6			Indenture with the First National Bank of Chicago (subsequently assigned to The Bank of New York Trust Company) (incorporated by reference to the company’s registration statement on Form S-3 filed on May 20, 1998 (File No. 333-51677))
4.7			Form of 6.90% Debentures Due 2028 (included in Exhibit 4.6)
4.8			Description of Registered Securities (incorporated by reference to Exhibit 4.8 filed with the company's Annual Report on Form 10-K filed on February 26, 2024)
10.1			Cincinnati Financial Corporation Nonemployee Director Stock Plan of 2018 (incorporated by reference to the company’s definitive Proxy Statement dated March 21, 2018)
10.2			First Amendment to Cincinnati Financial Corporation Nonemployee Director Stock Plan of 2018 (incorporated by reference to Exhibit 10.2 filed with the company’s Annual Report on Form 10-K filed on February 25, 2021)
10.3			Cincinnati Financial Corporation Nonemployee Director Deferred Compensation Plan (incorporated by reference to Exhibit 10.3 filed with the company’s Annual Report on Form 10-K filed on February 25, 2021)
10.4			Cincinnati Financial Corporation Annual Incentive Compensation Plan of 2009, Amended and Restated on January 29, 2021 (incorporated by reference to Exhibit 10.6 filed with the company's Annual Report on Form 10-K filed on February 25, 2021)
10.5			Cincinnati Financial Corporation Annual Incentive Compensation Plan of 2009, Amended and Restated on January 28, 2022 (incorporated by reference to the company’s Exhibit 10.6 filed with the company’s Annual Report on Form 10-K filed on February 24, 2022)
10.6			Cincinnati Financial Corporation 2006 Stock Compensation Plan (incorporated by reference to the company’s definitive Proxy Statement dated March 30, 2006, Appendix B)
10.7			Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to the company’s definitive Proxy Statement dated March 16, 2012, Appendix A)
10.8			Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to the company’s Definitive Proxy Statement dated March 16, 2016, Appendix B)
10.9			First Amendment of Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 99.1 filed with the Company’s current report on Form 8-K filed on April 11, 2016)
10.10			Cincinnati Financial Corporation 2024 Stock Compensation Plan (incorporated by reference to the company's definitive Proxy Statement dated March 20, 2024, Appendix B)
10.11			Amended and Restated Cincinnati Financial Corporation Supplemental Retirement Plan dated January 1, 2009 (incorporated by reference to Exhibit 10.7 filed with the company’s Annual Report on Form 10-K dated February 27, 2013)
10.12			Form of Incentive Stock Option Agreement for the 2006 Stock Compensation Plan (incorporated by reference to Exhibit 10.3 filed with the company’s Current Report on Form 8-K filed on October 26, 2006)

Cincinnati Financial Corporation - 2024 10-K - Page 196

Exhibit No.			Exhibit Description
10.13			Form of Nonqualified Stock Option Agreement for the 2006 Stock Compensation Plan (incorporated by reference to Exhibit 10.4 filed with the company’s Current Report on Form 8-K filed on October 26, 2006)
10.14			Form of Incentive Stock Option Agreement for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.1 filed with the company’s Current Report on Form 8-K filed on February 21, 2013)
10.15			Form of Nonqualified Stock Option Agreement for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.2 filed with the company’s Current Report on Form 8-K filed on February 21, 2013)
10.16			Form of Incentive Compensation Agreement for the Cincinnati Financial Corporation Annual Incentive Compensation Plan of 2009 (as amended January 31, 2014) (incorporated by reference to Exhibit 10.1 filed with the company’s Current Report on Form 8-K filed on January 30, 2017)
10.17			Form of Incentive Compensation Agreement for the Cincinnati Financial Corporation Annual Incentive Compensation Plan of 2009, Amended and Restated on January 29, 2022 (incorporated by reference to Exhibit 10.1 filed with the company’s Current Report on Form 8-K filed on January 29, 2024)
10.18			Form of Incentive Stock Option Agreement for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.2 filed with the company’s Current Report on Form 8-K filed on January 30, 2017)
10.19			Form of Nonqualified Stock Option Agreement for the Cincinnati Financial Corporation 2012 Stock Compensation Plan (incorporated by reference to Exhibit 10.3 filed with the company’s Current Report on Form 8-K filed on January 30, 2017)
10.20			Form of Incentive Stock Option Agreement for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 10.7 filed with the company’s Current Report on Form 8-K filed on January 30, 2017)
10.21			Form of Nonqualified Stock Option Agreement for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 10.8 filed with the company’s Current Report on Form 8-K filed on January 30, 2017)
10.22			Form of Restricted Stock Unit Agreement (service based/cliff) for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 10.9 filed with the company’s Current Report on Form 8-K filed on January 30, 2017)
10.23			Form of Restricted Stock Unit Agreement (service based/cliff) for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by referenced to Exhibit 10.2 filed with the company’s Current Report on Form 8-K filed on January 29, 2024)
10.24			Form of Restricted Stock Unit Agreement (service based/ratable) for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 10.10 filed with the company’s Current Report on Form 8-K filed on January 30, 2017)
10.25			Form of Restricted Stock Unit Agreement (service based/ratable) for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by referenced to Exhibit 10.3 filed with the company’s Current Report on Form 8-K filed on January 29, 2024)
10.26			Form of Restricted Stock Unit Agreement (performance based) for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by reference to Exhibit 10.11 filed with the company’s Current Report on Form 8-K filed on January 30, 2017)
10.27			Form of Restricted Stock Unit Agreement (performance based) for the Cincinnati Financial Corporation 2016 Stock Compensation Plan (incorporated by referenced to Exhibit 10.4 filed with the company’s Current Report on Form 8-K filed on January 29, 2024)
10.28			Form of Incentive Stock Option Agreement for the Cincinnati Financial Corporation 2024 Stock Compensation Plan (incorporated by reference to Exhibit 10.1 filed with the company's Current Report on Form 8-K filed on January 31, 2025)
10.29			Form of Nonqualified Stock Option Agreement for the Cincinnati Financial Corporation 2024 Stock Compensation Plan (incorporated by reference to Exhibit 10.2 filed with the company's Current Report on Form 8-K filed on January 31, 2025)
10.30			Form of Restricted Stock Option Agreement (service based/cliff) for the Cincinnati Financial Corporation 2024 Stock Compensation Plan (incorporated by reference to Exhibit 10.3 filed with the company's Current Report on Form 8-K filed on January 31, 2025)
10.31			Form of Restricted Stock Unit Agreement (service based/ratable) for the Cincinnati Financial Corporation 2024 Stock Compensation Plan (incorporated by reference to Exhibit 10.4 filed with the company's Current Report on Form 8-K filed on January 31, 2025)

Cincinnati Financial Corporation - 2024 10-K - Page 197

Exhibit No.			Exhibit Description
10.32			Form of Restricted Stock Unit Agreement (performance based) for the Cincinnati Financial Corporation 2024 Stock Compensation Plan (incorporated by reference to Exhibit 10.5 filed with the company's Current Report on Form 8-K filed on January 31, 2025)
10.33			Amended and Restated Cincinnati Financial Corporation Top Hat Savings Plan dated January 1, 2018 (incorporated by reference to Exhibit 10.31 filed with the company's Annual Report on Form 10-K filed on February 23, 2018)
10.34			First Amendment to the Amended and Restated Cincinnati Financial Corporation Top Hat Savings Plan dated January 1, 2018 (incorporated by reference to Exhibit 10.1 filed with the company's Quarterly Report on Form 10-Q filed on July 25, 2024)
10.35			Cincinnati Financial Corporation Executive Deferred Compensation Agreement by and between the Cincinnati Financial Corporation and Michael J. Sewell, dated as of October 25, 2011 (incorporated by reference to Exhibit 10.2 filed with the company’s Quarterly Report on Form 10-Q filed on October 27, 2011)
10.36			Amended and Restated Credit Agreement by and among Cincinnati Financial Corporation, CFC Investment Company, PNC Bank, N.A. as Administrative Agent, PNC Capital Markets LLC, as Sole Bookrunner and Joint Lead Arranger, Fifth Third Bank, N.A., as Joint Lead Arranger and Syndication Agent, The Huntington National Bank and U.S. Bank, N.A., as Documentation Agents, dated May 13, 2014 (incorporated by reference to Exhibit 10.1 filed with the company’s Current Report on Form 8-K filed on May 14, 2014)
10.37			First Amendment of the Amended and Restated Credit Agreement by and among Cincinnati Financial Corporation, CFC Investment Company, PNC Bank, N.A. as Administrative Agent, PNC Capital Markets LLC, as Sole Bookrunner and Joint Lead Arranger, Fifth Third Bank, N.A., as Joint Lead Arranger and Syndication Agent, The Huntington National Bank and U.S. Bank, N.A., as Documentation Agents, dated February 8, 2016 (incorporated by reference to Exhibit 10.1 filed with the company’s Current Report on Form 8-K filed on February 11, 2016)
10.38			Second Amendment of the Amended and Restated Credit Agreement by and among Cincinnati Financial Corporation, CFC Investment Company, PNC Bank, N.A., as Administrative Agent, PNC Capital Markets, LLC, as Sole Bookrunner and Joint Lead Arranger, Fifth Third Bank, N.A. as Joint Lead Arranger and Syndication Agent, The Huntington National Bank and U.S. Bank, N.A. as Documentation Agents, dated March 31, 2016 (incorporated by reference to Exhibit 10.1 filed with the company’s Current Report on Form 8-K filed on April 4, 2016)
10.39			Third Amendment of the Amended and Restated Credit Agreement by and among Cincinnati Financial Corporation, CFC Investment Company, PNC Bank, N.A., as Administrative Agent, PNC Capital Markets, LLC, as Sole Bookrunner and Joint Lead Arranger, Fifth Third Bank, N.A. as Joint Lead Arranger and Syndication Agent, The Huntington National Bank and U.S. Bank, N.A. as Documentation Agents, dated February 4, 2019 (incorporated by reference to Exhibit 10.1 filed with the company's Current Report on Form 8-K filed on February 6, 2019)
10.40			Fourth Amendment of the Amended and Restated Credit Agreement by and among Cincinnati Financial Corporation, CFC Investment Company, PNC Bank, N.A., as Administrative Agent, PNC Capital Markets, LLC, as Sole Bookrunner and Joint Lead Arranger, Fifth Third Bank, N.A. as Joint Lead Arranger and Syndication Agent, The Huntington National Bank and U.S. Bank, N.A. as Documentation Agents, dated February 26, 2019 (incorporated by reference to Exhibit 10.6 filed with the company’s Current Report on Form 8-K filed on February 28, 2019)
10.41			Fifth Amendment of the Amended and Restated Credit Agreement by and among Cincinnati Financial Corporation, CFC Investment Company, PNC Bank, N.A., as Administrative Agent, PNC Capital Markets, LLC, as Sole Bookrunner and Joint Lead Arranger, Fifth Third Bank, N.A. as Joint Lead Arranger and Syndication Agent, The Huntington National Bank and U.S. Bank, N.A. as Documentation Agents, dated March 23, 2023 (incorporated by reference to Exhibit 10.1 filed with the company’s Current Report on Form 8-K filed on March 24, 2023)
10.42			Limited Consent to Credit Agreement, dated December 6, 2019, among Cincinnati Financial Corporation, CFC Investment Company, PNC Bank, N.A., Fifth Third Bank, N.A., The Huntington National Bank, U.S. Bank, N.A., and Branch Banking and Trust Company (incorporated by reference to Exhibit 10.6 filed with the company’s Current Report on Form 8-K, filed on December 6, 2019)
10.43			Limited Consent to Credit Agreement, dated December 11, 2020, among Cincinnati Financial Corporation, CFC Investment Company, PNC Bank, N.A., Fifth Third Bank, N.A., The Huntington National Bank, U.S. Bank, N.A., and Branch Banking and Trust Company (incorporated by reference to Exhibit 10.7 filed with the company’s Current Report on Form 8-K, filed on December 11, 2020)
11			Statement re: Computation of per share earnings for the years ended December 31, 2024, 2023, and 2022, contained in Part II, Item 8, Note 12, to the Consolidated Financial Statements
14			Cincinnati Financial Corporation Code of Ethics for Senior Financial Officers (incorporated by reference to the company’s definitive Proxy Statement dated March 18, 2004 (File No. 000-04604))

Cincinnati Financial Corporation - 2024 10-K - Page 198

Exhibit No.			Exhibit Description
19			Cincinnati Financial Corporation Securities Trading Policy And Addendum to Securities Trading Policy For Pre-Clearance And Blackout Procedures (incorporated by reference to Exhibit 19 filed with the company's Annual Report on Form 10-K filed on February 26, 2024)
21			Cincinnati Financial Corporation subsidiaries contained in Part I, Item 1, of this report
23			Consent of Independent Registered Public Accounting Firm
31A			Certification pursuant to Section 302 of the Sarbanes Oxley Act of 2002 – Chief Executive Officer
31B			Certification pursuant to Section 302 of the Sarbanes Oxley Act of 2002 – Chief Financial Officer
32			Certification pursuant to Section 906 of the Sarbanes Oxley Act of 2002
97			Cincinnati Financial Corporation Policy For The Recovery of Erroneously Awarded Compensation (incorporated by reference to Exhibit 97 filed with the company's Annual Report on Form 10-K filed on February 26, 2024)
101.INS			The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.
101.SCH			XBRL Taxonomy Extension Schema Document
101.CAL			XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF			XBRL Taxonomy Extension Definition Linkbase Document
101.LAB			XBRL Taxonomy Extension Label Linkbase Document
101.PRE			XBRL Taxonomy Extension Presentation Linkbase Document
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

Cincinnati Financial Corporation - 2024 10-K - Page 199

Signatures

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Cincinnati Financial Corporation

/S/ Michael J. Sewell

By: Michael J. Sewell, CPA

Title: Chief Financial Officer, Executive Vice President and Treasurer

(Principal Accounting Officer)

Date: February 24, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been duly signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature			Title			Date
/S/ Steven J. Johnston			Chairman of the Board			February 24, 2025
Steven J. Johnston
/S/ Stephen M. Spray			President, Chief Executive Officer and Director			February 24, 2025
Stephen M. Spray
/S/ Michael J. Sewell			Chief Financial Officer, Executive Vice President and Treasurer			February 24, 2025
Michael J. Sewell
/S/ Nancy C. Benacci			Director			February 24, 2025
Nancy C. Benacci
/S/ Linda W. Clement-Holmes			Director			February 24, 2025
Linda W. Clement-Holmes
/S/ Dirk J. Debbink			Director			February 24, 2025
Dirk J. Debbink
/S/ Jill P. Meyer			Director			February 24, 2025
Jill P. Meyer
/S/ David P. Osborn			Director			February 24, 2025
David P. Osborn
/S/ Gretchen W. Schar			Director			February 24, 2025
Gretchen W. Schar
/S/ Charles O. Schiff			Director			February 24, 2025
Charles O. Schiff
/S/ Douglas S. Skidmore			Director			February 24, 2025
Douglas S. Skidmore
/S/ John F. Steele, Jr.			Director			February 24, 2025
John F. Steele, Jr.
/S/ Larry R. Webb			Director			February 24, 2025
Larry R. Webb
/S/ Chengsheng Peter Wu			Director			February 24, 2025
Chengsheng Peter Wu

Cincinnati Financial Corporation - 2024 10-K - Page 200