Item 1. Financial Statements (unaudited)

Cincinnati Financial Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(Dollars in millions, except per share data)						March 31,						December 31,
						2025						2024
Assets
Investments
Fixed maturities, at fair value (amortized cost: 2025—$17,009; 2024—$16,735)						$	16,523					$	16,182
Equity securities, at fair value (cost: 2025—$3,964; 2024—$3,953)						11,118						11,185
Short-term investments, at fair value (amortized cost: 2025—$100; 2024—$298)						100						298
Other invested assets						740						713
Total investments						28,481						28,378
Cash and cash equivalents						1,010						983
Investment income receivable						224						222
Finance receivable						122						120
Premiums receivable						3,163						2,969
Reinsurance recoverable						808						523
Prepaid reinsurance premiums						93						70
Deferred policy acquisition costs						1,297						1,242
Land, building and equipment, net, for company use (accumulated depreciation: 2025—$354; 2024—$347)						216						214
Other assets						903						828
Separate accounts						959						952
Total assets						$	37,276					$	36,501
Liabilities
Insurance reserves
Loss and loss expense reserves						$	10,780					$	10,003
Life policy and investment contract reserves						2,968						2,960
Unearned premiums						5,068						4,813
Other liabilities						1,416						1,487
Deferred income tax						1,489						1,476
Note payable						25						25
Long-term debt and lease obligations						853						850
Separate accounts						959						952
Total liabilities						23,558						22,566
Commitments and contingent liabilities (Note 12)
Shareholders' Equity
Common stock, par value—$2 per share; (authorized: 2025 and 2024—500 million shares; issued: 2025 and 2024—198.3 million shares)						397						397
Paid-in capital						1,511						1,502
Retained earnings						14,644						14,869
Accumulated other comprehensive loss						(271)						(309)
Treasury stock at cost (2025—42.0 million shares and 2024—41.9 million shares)						(2,563)						(2,524)
Total shareholders' equity						13,718						13,935
Total liabilities and shareholders' equity						$	37,276					$	36,501

Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

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Cincinnati Financial Corporation and Subsidiaries

Condensed Consolidated Statements of Income

(Dollars in millions, except per share data)									Three months ended March 31,
															2025						2024
Revenues
Earned premiums															$	2,344					$	2,071
Investment income, net of expenses															280						245
Investment gains and losses, net															(67)						612
Fee revenues															5						4
Other revenues															4						3
Total revenues															2,566						2,935
Benefits and Expenses
Insurance losses and contract holders' benefits															1,968						1,349
Underwriting, acquisition and insurance expenses															702						616
Interest expense															13						13
Other operating expenses															11						4
Total benefits and expenses															2,694						1,982
Income (Loss) Before Income Taxes															(128)						953
Provision (Benefit) for Income Taxes
Current															(42)						61
Deferred															4						137
Total provision (benefit) for income taxes															(38)						198
Net Income (Loss)															$	(90)					$	755
Per Common Share
Net income (loss) — basic															$	(0.57)					$	4.82
Net income (loss) — diluted															(0.57)						4.78

Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

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Cincinnati Financial Corporation and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income

(Dollars in millions)												Three months ended March 31,
																		2025						2024
Net Income (Loss)																		$	(90)					$	755
Other Comprehensive Income (Loss)
Change in unrealized gains and losses on investments, net of tax (benefit) of $14 and $(11), respectively																		53						(44)
Amortization of pension actuarial loss (gain) and prior service cost, net of tax (benefit) of $0 and $0, respectively																		(1)						—
Change in life policy reserves, reinsurance recoverable and other, net of tax (benefit) of $(3) and $10, respectively																		(14)						37
Other comprehensive income (loss)																		38						(7)
Comprehensive Income (Loss)																		$	(52)					$	748

Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

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Cincinnati Financial Corporation and Subsidiaries

Condensed Consolidated Statements of Shareholders' Equity

(Dollars in millions)												Three months ended March 31,
																		2025						2024
Common Stock
Beginning of period																		$	397					$	397
Share-based awards																		—						—
End of period																		397						397
Paid-In Capital
Beginning of period																		1,502						1,437
Share-based awards																		(7)						(6)
Share-based compensation																		15						14
Other																		1						1
End of period																		1,511						1,446
Retained Earnings
Beginning of period																		14,869						13,084
Net income (loss)																		(90)						755
Dividends declared																		(135)						(127)
End of period																		14,644						13,712
Accumulated Other Comprehensive Loss
Beginning of period																		(309)						(435)
Other comprehensive income (loss)																		38						(7)
End of period																		(271)						(442)
Treasury Stock
Beginning of period																		(2,524)						(2,385)
Share-based awards																		6						8
Shares acquired - share repurchase authorization																		(42)						(75)
Shares acquired - share-based compensation plans																		(3)						(7)
End of period																		(2,563)						(2,459)
Total Shareholders' Equity																		$	13,718					$	12,654
(In millions, except per common share)
Common Stock - Shares Outstanding
Beginning of period																		156.4						157.0
Share-based awards																		0.2						0.3
Shares acquired - share repurchase authorization																		(0.3)						(0.7)
Shares acquired - share-based compensation plans																		—						(0.1)
End of period																		156.3						156.5
Dividends declared per common share																		$	0.87					$	0.81

Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

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Cincinnati Financial Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Dollars in millions)						Three months ended March 31,
						2025						2024
Cash Flows From Operating Activities
Net income (loss)						$	(90)					$	755
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other						47						34
Investment gains and losses, net						74						(608)
Interest credited to contract holders						11						11
Deferred income tax expense						4						137
Changes in:
Premiums and reinsurance receivable						(502)						(203)
Deferred policy acquisition costs						(55)						(50)
Other assets						(22)						(8)
Loss and loss expense reserves						777						196
Life policy and investment contract reserves						5						26
Unearned premiums						255						279
Other liabilities						(135)						(161)
Current income tax receivable/payable						(59)						(55)
Net cash provided by operating activities						310						353
Cash Flows From Investing Activities
Sale, call or maturity of fixed maturities						497						464
Sale of equity securities						17						266
Purchase of fixed maturities						(717)						(838)
Purchase of equity securities						(22)						(226)
Change in short-term investments, net						200						—
Changes in finance receivables						(3)						2
Investment in building and equipment						(3)						(7)
Change in other invested assets, net						(27)						(16)
Net cash used in investing activities						(58)						(355)
Cash Flows From Financing Activities
Payment of cash dividends to shareholders						(125)						(116)
Shares acquired - share repurchase authorization						(42)						(75)
Proceeds from stock options exercised						4						3
Contract holders' funds deposited						14						19
Contract holders' funds withdrawn						(40)						(60)
Other						(36)						(57)
Net cash used in financing activities						(225)						(286)
Net change in cash and cash equivalents						27						(288)
Cash and cash equivalents at beginning of year						983						907
Cash and cash equivalents at end of period						$	1,010					$	619
Supplemental Disclosures of Cash Flow Information:
Income taxes paid						2						106
Noncash Activities
Equipment acquired under finance lease obligations						$	8					$	4
Share-based compensation						13						17
Other assets and other liabilities						100						97

Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1 — Accounting Policies

The condensed consolidated financial statements include the accounts of Cincinnati Financial Corporation and its consolidated subsidiaries, each of which is wholly owned. These statements are presented in conformity with accounting principles generally accepted in the United States of America (GAAP). All intercompany balances and transactions have been eliminated in consolidation.

The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Our actual results could differ from those estimates. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been condensed or omitted.

Our March 31, 2025, condensed consolidated financial statements are unaudited. We believe that we have made all adjustments, consisting only of normal recurring accruals, that are necessary for fair presentation. These condensed consolidated financial statements should be read in conjunction with our consolidated financial statements included in our 2024 Annual Report on Form 10-K. The results of operations for interim periods do not necessarily indicate results to be expected for the full year.

Pending Accounting Updates

ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 enhances the transparency and decision usefulness of income tax disclosures by requiring entities to disclose specific categories within their rate reconciliation as well as additional items within those categories above a prescribed threshold. This ASU also requires disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes as well as additional items within those categories above a prescribed threshold. The effective date of ASU 2023-09 is for annual reporting periods beginning after December 15, 2024, and should be applied prospectively with retrospective application permitted. The ASU has not yet been adopted and will not have a material impact on our company’s consolidated financial position, results of operations or cash flows, but the ASU will require additional disclosures in our annual financial statements.

ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires increased quantitative and qualitative disclosure of certain categories of expenses. The effective date of ASU 2024-03 is for annual periods beginning after December 15, 2026, and interim reporting periods within annual periods beginning after December 15, 2027, with early adoption permitted. The ASU has not yet been adopted and will not have a material impact on our company’s consolidated financial position, results of operations or cash flows, but the ASU will require additional disclosures in our annual and interim financial statements.

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NOTE 2 – Investments

The following table provides amortized cost, gross unrealized gains, gross unrealized losses and fair value for our fixed-maturity and short-term investments:

(Dollars in millions)						Amortized cost						Gross unrealized												Fair value
At March 31, 2025									gains						losses
Fixed-maturity:
Corporate						$	8,833					$	78					$	278					$	8,633
States, municipalities and political subdivisions						4,973						10						291						4,692
Government-sponsored enterprises						2,310						3						3						2,310
Asset-backed						649						5						9						645
United States government						217						—						1						216
Foreign government						27						—						—						27
Total fixed-maturity						17,009						96						582						16,523
Short-term						100						—						—						100
Total fixed-maturity and short-term investments						$	17,109					$	96					$	582					$	16,623
At December 31, 2024
Fixed-maturity:
Corporate						$	8,652					$	61					$	333					$	8,380
States, municipalities and political subdivisions						4,976						15						270						4,721
Government-sponsored enterprises						2,282						1						9						2,274
Asset-backed						567						1						17						551
United States government						228						—						2						226
Foreign government						30						—						—						30
Total fixed-maturity						16,735						78						631						16,182
Short-term						298						—						—						298
Total fixed-maturity and short-term investments						$	17,033					$	78					$	631					$	16,480

The decrease in net unrealized investment losses in our fixed-maturity portfolio at March 31, 2025, is primarily due to a decrease in U.S. Treasury yields partially offset by a widening of corporate credit spreads. Our asset-backed securities had an average rating of Aa1/AA at both March 31, 2025, and December 31, 2024.

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The table below provides fair values and gross unrealized losses by investment category and by the duration of the continuous unrealized loss positions:

(Dollars in millions)						Less than 12 months												12 months or more												Total
At March 31, 2025						Fair value						Unrealized losses						Fair value						Unrealized losses						Fair value						Unrealized losses
Fixed-maturity:
Corporate						$	2,184					$	53					$	3,487					$	225					$	5,671					$	278
States, municipalities and political subdivisions						1,565						36						2,075						255						3,640						291
Government-sponsored enterprises						1,002						2						102						1						1,104						3
Asset-backed						222						4						88						5						310						9
United States government						—						—						95						1						95						1
Foreign government						—						—						—						—						—						—
Total fixed-maturity						4,973						95						5,847						487						10,820						582
Short-term						100						—						—						—						100						—
Total fixed-maturity and short-term investments						$	5,073					$	95					$	5,847					$	487					$	10,920					$	582
At December 31, 2024
Fixed-maturity:
Corporate						$	2,815					$	78					$	3,634					$	255					$	6,449					$	333
States, municipalities and political subdivisions						1,513						25						1,898						245						3,411						270
Government-sponsored enterprises						1,876						8						92						1						1,968						9
Asset-backed						331						10						96						7						427						17
United States government						48						—						100						2						148						2
Foreign government						—						—						3						—						3						—
Total fixed-maturity						6,583						121						5,823						510						12,406						631
Short-term						100						—						—						—						100						—
Total fixed-maturity and short-term investments						$	6,683					$	121					$	5,823					$	510					$	12,506					$	631

Contractual maturity dates for our fixed-maturity and short-term investments were:

(Dollars in millions)						Amortized cost						Fair value						% of fair value
At March 31, 2025
Maturity dates:
Due in one year or less						$	1,225					$	1,222					7.4		%
Due after one year through five years						3,802						3,774						22.7
Due after five years through ten years						3,832						3,759						22.6
Due after ten years						8,250						7,868						47.3
Total						$	17,109					$	16,623					100.0		%

Actual maturities may differ from contractual maturities when there is a right to call or prepay obligations with or without call or prepayment penalties.

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The following table provides investment income and investment gains and losses, net:

(Dollars in millions)									Three months ended March 31,
															2025						2024
Investment income:
Interest															$	210					$	169
Dividends															67						72
Other															7						7
Total															284						248
Less investment expenses															4						3
Total															$	280					$	245
Investment gains and losses, net:
Equity securities:
Investment gains and losses on securities sold, net															$	(1)					$	(11)
Unrealized gains and losses on securities still held, net															(71)						613
Subtotal															(72)						602
Fixed-maturity securities:
Gross realized losses															—						(1)
Change in allowance for credit losses, net															(2)						(9)
Subtotal															(2)						(10)
Other															7						20
Total															$	(67)					$	612

The fair value of our equity portfolio was $11.118 billion and $11.185 billion at March 31, 2025, and December 31, 2024, respectively. Apple, Inc. (Nasdaq:AAPL), an equity holding, was our largest single investment holding with a fair value of $786 million and $891 million, which was 7.3% and 8.2% of our publicly traded common equities portfolio and 2.8% and 3.2% of the total investment portfolio at March 31, 2025, and December 31, 2024, respectively.

The allowance for credit losses on fixed-maturity securities was $35 million and $33 million at March 31, 2025, and December 31, 2024, respectively. There were no reductions in the allowance for credit losses for securities sold during the three months ended March 31, 2025, and 2024.

There were 3,679 and 3,723 fixed-maturity and short-term investments in a total unrealized loss position of $582 million and $631 million at March 31, 2025, and December 31, 2024, respectively. Of those totals, 34 and 19 fixed-maturity securities had fair values below 70% of amortized cost at March 31, 2025, and December 31, 2024, respectively.

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NOTE 3 – Fair Value Measurements

In accordance with accounting guidance for fair value measurements and disclosures, we categorized our financial instruments, based on the priority of the observable and market-based data for the valuation technique used, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices with readily available independent data in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable market inputs (Level 3). When various inputs for measurement fall within different levels of the fair value hierarchy, the lowest observable input that has a significant impact on fair value measurement is used. Our valuation techniques have not changed from those used at December 31, 2024, and ultimately management determines fair value. See our 2024 Annual Report on Form 10-K, Item 8, Note 3, Fair Value Measurements, Page 138, for information on characteristics and valuation techniques used in determining fair value.

Fair Value Disclosures for Assets

The following tables illustrate the fair value hierarchy for those assets measured at fair value on a recurring basis at March 31, 2025, and December 31, 2024. We do not have any liabilities carried at fair value.

(Dollars in millions)						Level 1						Level 2						Level 3						Total
At March 31, 2025
Fixed maturities, available for sale:
Corporate						$	—					$	8,633					$	—					$	8,633
States, municipalities and political subdivisions						—						4,692						—						4,692
Government-sponsored enterprises						—						2,310						—						2,310
Asset-backed						—						645						—						645
United States government						216						—						—						216
Foreign government						—						27						—						27
Subtotal						216						16,307						—						16,523
Common equities						10,782						—						—						10,782
Nonredeemable preferred equities						—						336						—						336
Separate accounts taxable fixed maturities						—						895						—						895
Short-term investments						100						—						—						100
Top Hat savings plan mutual funds and common equity (included in Other assets)						89						—						—						89
Total						$	11,187					$	17,538					$	—					$	28,725
At December 31, 2024
Fixed maturities, available for sale:
Corporate						$	—					$	8,380					$	—					$	8,380
States, municipalities and political subdivisions						—						4,721						—						4,721
Government-sponsored enterprises						—						2,274						—						2,274
Asset-backed						—						551						—						551
United States government						226						—						—						226
Foreign government						—						30						—						30
Subtotal						226						15,956						—						16,182
Common equities						10,836						—						—						10,836
Nonredeemable preferred equities						—						349						—						349
Separate accounts taxable fixed maturities						—						876						—						876
Short-term investments						298						—						—						298
Top Hat savings plan mutual funds and common equity (included in Other assets)						87						—						—						87
Total						$	11,447					$	17,181					$	—					$	28,628

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We also held Level 1 cash and cash equivalents of $1.010 billion and $983 million at March 31, 2025, and December 31, 2024, respectively.

Fair Value Disclosures for Assets and Liabilities Not Carried at Fair Value

The disclosures below are presented to provide information about the effects of current market conditions on financial instruments that are not reported at fair value in our condensed consolidated financial statements.

This table summarizes the book value and principal amounts of our long-term debt:

(Dollars in millions)																		Book value												Principal amount
Interest rate						Year of issue												March 31,						December 31,						March 31,						December 31,
												2025						2024						2025						2024
6.900%						1998						Senior debentures, due 2028						$	27					$	27					$	28					$	28
6.920%						2005						Senior debentures, due 2028						391						391						391						391
6.125%						2004						Senior notes, due 2034						372						372						374						374
Total																		$	790					$	790					$	793					$	793

The following table shows fair values of our note payable and long-term debt:

(Dollars in millions)						Level 1						Level 2						Level 3						Total
At March 31, 2025
Note payable						$	—					$	25					$	—					$	25
6.900% senior debentures, due 2028						—						29						—						29
6.920% senior debentures, due 2028						—						419						—						419
6.125% senior notes, due 2034						—						394						—						394
Total						$	—					$	867					$	—					$	867
At December 31, 2024
Note payable						$	—					$	25					$	—					$	25
6.900% senior debentures, due 2028						—						29						—						29
6.920% senior debentures, due 2028						—						416						—						416
6.125% senior notes, due 2034						—						390						—						390
Total						$	—					$	860					$	—					$	860

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The following table shows the fair value of our life policy loans included in other invested assets and the fair values of our deferred annuities and structured settlements included in life policy and investment contract reserves:

(Dollars in millions)						Level 1						Level 2						Level 3						Total
At March 31, 2025
Life policy loans						$	—					$	—					$	42					$	42
Deferred annuities						$	—					$	—					$	551					$	551
Structured settlements						—						127						—						127
Total						$	—					$	127					$	551					$	678
At December 31, 2024
Life policy loans						$	—					$	—					$	41					$	41
Deferred annuities						$	—					$	—					$	561					$	561
Structured settlements						—						127						—						127
Total						$	—					$	127					$	561					$	688

Outstanding principal and interest for these life policy loans totaled $36 million at both March 31, 2025, and December 31, 2024.

Recorded reserves for the deferred annuities were $582 million and $595 million at March 31, 2025, and December 31, 2024, respectively. Recorded reserves for the structured settlements were $116 million at both March 31, 2025, and December 31, 2024.

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NOTE 4 – Property Casualty Loss and Loss Expenses

This table summarizes activity for our consolidated property casualty loss and loss expense reserves:

(Dollars in millions)												Three months ended March 31,
																		2025						2024
Gross loss and loss expense reserves, beginning of period																		$	9,937					$	8,975
Less reinsurance recoverable																		269						362
Net loss and loss expense reserves, beginning of period																		9,668						8,613
Net incurred loss and loss expenses related to:
Current accident year																		1,978						1,370
Prior accident years																		(91)						(100)
Total incurred																		1,887						1,270
Net paid loss and loss expenses related to:
Current accident year																		593						205
Prior accident years																		806						832
Total paid																		1,399						1,037
Net loss and loss expense reserves, end of period																		10,156						8,846
Plus reinsurance recoverable																		551						332
Gross loss and loss expense reserves, end of period																		$	10,707					$	9,178

We use actuarial methods, models and judgment to estimate, as of a financial statement date, the property casualty loss and loss expense reserves required to pay for and settle all outstanding insured claims, including incurred but not reported (IBNR) claims, as of that date. The actuarial estimate is subject to review and adjustment by an inter-departmental committee that includes actuarial, claims, underwriting, loss prevention and accounting management. This committee is familiar with relevant company and industry business, claims and underwriting trends, as well as general economic and legal trends that could affect future loss and loss expense payments. The amount we will actually have to pay for claims can be highly uncertain. This uncertainty, together with the size of our reserves, makes the loss and loss expense reserves our most significant estimate. The reserve for loss and loss expenses in the condensed consolidated balance sheets also included $73 million and $68 million at March 31, 2025, and 2024, respectively, for certain life and health loss and loss expense reserves.

We experienced $91 million of favorable development on prior accident years, including $43 million of favorable development in commercial lines, $19 million of favorable development in personal lines and $9 million of favorable development in excess and surplus lines for the three months ended March 31, 2025. Within commercial lines, we recognized favorable reserve development of $35 million for the commercial property line and $11 million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. Within personal lines, we recognized favorable reserve development of $19 million for the homeowner line.

We experienced $100 million of favorable development on prior accident years, including $38 million of favorable development in commercial lines, $33 million of favorable development in personal lines and $3 million of favorable development in excess and surplus lines for the three months ended March 31, 2024. Within commercial lines, we recognized favorable reserve development of $22 million for the commercial property line and $12 million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. Within personal lines, we recognized favorable reserve development of $25 million for the homeowner line and $5 million for the personal auto line.

Cincinnati Financial Corporation First-Quarter 2025 10-Q

Page 15

NOTE 5 – Life Policy and Investment Contract Reserves

We establish the reserves for traditional life policies including term, whole life and other products based on the present value of future benefits and claim expenses less the present value of future net premiums. Net premium is the portion of gross premium required to provide for all benefits and claim expenses. We estimate future benefits and claim expenses and net premium using certain cash flow assumptions including mortality, morbidity and lapse rates as well as a discount rate assumption. The cash flow assumptions are established based on our current expectations and are reviewed annually to determine any necessary updates. These assumptions are also updated on an interim basis if evidence suggests that they should be revised. We use both our own experience and industry experience, adjusted for historical trends, in arriving at our cash flow assumptions. The discount rate assumption is based on upper-medium grade fixed-income instrument yields (market value discount rates) and is updated quarterly. Changes in the inputs, judgments and assumptions during the period and the related measurement impact on the liability are reflected in the below tables.

We establish reserves for our universal life, deferred annuity and other investment contracts equal to the cumulative account balances, which include premium deposits plus credited interest less charges and withdrawals. Some of our universal life policies contain no-lapse guarantee provisions. For these policies, we establish a reserve in addition to the account balance, based on expected no-lapse guarantee benefits and expected policy assessments.

The following table summarizes our life policy and investment contract reserves and provides a reconciliation of the balances described in the below tables to those in the condensed consolidated balance sheets:

(Dollars in millions)						March 31, 2025						December 31, 2024
Life policy reserves:
Term						$	1,064					$	1,051
Whole life						412						405
Other						99						98
Subtotal						1,575						1,554
Investment contract reserves:
Deferred annuities						582						595
Universal life						587						586
Structured settlements						116						116
Other						108						109
Subtotal						1,393						1,406
Total life policy and investment contract reserves						$	2,968					$	2,960

Cincinnati Financial Corporation First-Quarter 2025 10-Q

Page 16

The balances and changes in the term and whole life policy reserves included in life policy and investment contract reserves are as follows:

(Dollars in millions)						Three months ended March 31,
						2025												2024
						Term						Whole life						Term						Whole life
Present value of expected net premiums:
Balance, beginning of period						$	1,638					$	218					$	1,700					$	223
Beginning balance at original discount rate						1,719						228						1,712						225
Effect of changes in cash flow assumptions						—						—						—						—
Effect of actual variances from expected experience						(8)						—						(9)						—
Adjusted beginning of period balance						1,711						228						1,703						225
Issuances						35						3						35						5
Interest accrual						19						3						18						2
Net premiums collected						(46)						(7)						(46)						(7)
Ending balance at original discount rate						1,719						227						1,710						225
Effect of changes in discount rate assumptions						(60)						(7)						(50)						(6)
Balance, end of period						1,659						220						1,660						219
Present value of expected future policy benefits:
Balance, beginning of period						2,668						623						2,751						657
Beginning balance at original discount rate						2,812						646						2,765						628
Effect of changes in cash flow assumptions						—						—						—						—
Effect of actual variances from expected experience						(14)						—						(14)						—
Adjusted beginning of period balance						2,798						646						2,751						628
Issuances						36						3						35						5
Interest accrual						32						9						31						8
Benefits paid						(54)						(10)						(37)						(8)
Ending balance at original discount rate						2,812						648						2,780						633
Effect of changes in discount rate assumptions						(109)						(17)						(82)						4
Balance, end of period						2,703						631						2,698						637
Net liability for future policy benefits:
Present value of expected future policy benefits less expected net premiums						1,044						411						1,038						418
Impact of flooring at cohort level						20						1						16						—
Net life policy reserves						1,064						412						1,054						418
Less reinsurance recoverable at original discount rate						(82)						(25)						(100)						(24)
Less effect of discount rate assumption changes on reinsurance recoverable						(8)						(3)						(8)						(4)
Net life policy reserves, after reinsurance recoverable						$	974					$	384					$	946					$	390
Weighted-average duration of the net life policy reserves in years						11						15						11						16

The total impact of flooring at cohort level in the above tables includes the effect of discount rate assumption changes of $3 million and $2 million at March 31, 2025 and 2024, respectively.

Cincinnati Financial Corporation First-Quarter 2025 10-Q

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The following table shows the amount of undiscounted and discounted expected future benefit payments and expected gross premiums for our term and whole life policies:

(Dollars in millions)						At March 31,
						2025												2024
						Undiscounted						Discounted						Undiscounted						Discounted
Term
Expected future benefit payments						$	4,894					$	2,703					$	4,816					$	2,698
Expected future gross premiums						4,561						2,658						4,386						2,601
Whole life
Expected future benefit payments						$	1,719					$	631					$	1,660					$	637
Expected future gross premiums						692						415						663						402

The following table shows the amount of revenue and interest recognized in the condensed consolidated statements of income related to our term and whole life policies:

(Dollars in millions)												Three months ended March 31,
																		2025						2024
Gross premiums
Term																		$	74					$	74
Whole life																		13						13
Total																		$	87					$	87
Interest accretion
Term																		$	13					$	13
Whole life																		6						6
Total																		$	19					$	19

Adverse development that resulted in an immediate charge to income due to net premiums exceeding gross premiums was immaterial for the three months ended March 31, 2025, and 2024.

The following table shows the weighted-average interest rate for our term and whole life products:

						At March 31,
						2025						2024
Term
Interest accretion rate						5.20		%				5.26		%
Current discount rate						4.96						5.09
Whole life
Interest accretion rate						5.87		%				5.90		%
Current discount rate						5.67						5.40

The discount rate assumption was developed by calculating forward rates from market yield curves of upper-medium grade fixed-income instruments.

Cincinnati Financial Corporation First-Quarter 2025 10-Q

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The following table shows the balances and changes in policyholders' account balances included in investment contract reserves:

(Dollars in millions)									Three months ended March 31,
															2025												2024
																											Deferred annuity						Universal life						Deferred annuity						Universal life
Balance, beginning of period																											$	595					$	456					$	656					$	457
Premiums received																											4						10						9						10
Policy charges																											—						(10)						—						(10)
Surrenders and withdrawals																											(17)						(3)						(37)						(4)
Benefit payments																											(5)						(1)						(3)						(2)
Interest credited																											5						5						6						5
Balance, end of period																											$	582					$	457					$	631					$	456
Weighted average crediting rate																											3.68		%				4.40		%				3.55		%				4.33		%
Net amount at risk																											$	—					$	3,801					$	—					$	3,908
Cash surrender value																											575						428						625						425

The net amount at risk above represents the guaranteed benefit amount in excess of the current account balances.

The following table shows the balance of account values by range of guaranteed minimum crediting rates, in basis points, and the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums for our deferred annuity and universal life contracts:

(Dollars in millions)						At guaranteed minimum						1 to 50 basis points above						51-150 basis points above						Greater than 150 basis points						Total
At March 31, 2025
Deferred annuity
1.00-3.00%						$	2					$	286					$	15					$	233					$	536
3.01-4.00%						46						—						—						—						46
Total						$	48					$	286					$	15					$	233					$	582
Universal life
1.00-3.00%						$	—					$	55					$	65					$	6					$	126
3.01-4.00%						50						—						5						—						55
Greater than 4.00%						276						—						—						—						276
Total						$	326					$	55					$	70					$	6					$	457
At March 31, 2024
Deferred annuity
1.00-3.00%						$	4					$	337					$	15					$	226					$	582
3.01-4.00%						49						—						—						—						49
Total						$	53					$	337					$	15					$	226					$	631
Universal life
1.00-3.00%						$	—					$	60					$	58					$	4					$	122
3.01-4.00%						49						5						—						—						54
Greater than 4.00%						280						—						—						—						280
Total						$	329					$	65					$	58					$	4					$	456

Cincinnati Financial Corporation First-Quarter 2025 10-Q

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The following table shows the balances and changes in the other additional liability related to the no-lapse guarantees contained within our universal life contracts:

(Dollars in millions)									Three months ended March 31,
															2025						2024
Balance, beginning of period															$	130					$	128
Balance, beginning of period before shadow reserve adjustments															131						129
Effect of changes in cash flow assumptions															—						—
Effect of actual variances from expected experience															2						—
Adjusted beginning of period balance															133						129
Interest accrual															1						1
Excess death benefits															(7)						(2)
Attributed assessments															3						3
Effect of changes in interest rate assumptions															1						(1)
Balance, end of period before shadow reserve adjustments															131						130
Shadow reserve adjustments															(1)						(1)
Balance, end of period															130						129
Less reinsurance recoverable, end of period															8						6
Net other additional liability, after reinsurance recoverable															$	138					$	135
Weighted-average duration of the other additional liability in years															29						31

The following table shows balances and changes in separate accounts balances during the period:

(Dollars in millions)												Three months ended March 31,
																		2025						2024
Balance, beginning of period																		$	952					$	925
Interest credited before policy charges																		11						10
Benefit payments																		(8)						—
Other																		4						(8)
Balance, end of period																		$	959					$	927
Cash surrender value																		$	949					$	925

Cincinnati Financial Corporation First-Quarter 2025 10-Q

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NOTE 6 – Deferred Policy Acquisition Costs

Expenses directly related to successfully acquired insurance policies – primarily commissions, premium taxes and underwriting costs – are deferred and amortized over the terms of the policies. We update our acquisition cost assumptions periodically to reflect actual experience. For property casualty, we evaluate the costs for recoverability. No premium deficiencies were recorded in the condensed consolidated statements of income, as the sum of the anticipated loss and loss expenses, policyholder dividends and unamortized deferred acquisition expenses did not exceed the related unearned premiums and anticipated investment income.

The table below shows the deferred policy acquisition costs and asset reconciliation.

(Dollars in millions)									Three months ended March 31,
															2025						2024
Property casualty:
Deferred policy acquisition costs asset, beginning of period															$	886					$	749
Capitalized deferred policy acquisition costs															485						407
Amortized deferred policy acquisition costs															(434)						(360)
Deferred policy acquisition costs asset, end of period															$	937					$	796
Life:
Deferred policy acquisition costs asset, beginning of period															$	356					$	344
Capitalized deferred policy acquisition costs															12						10
Amortized deferred policy acquisition costs															(8)						(7)
Deferred policy acquisition costs asset, end of period															$	360					$	347
Consolidated:
Deferred policy acquisition costs asset, beginning of period															$	1,242					$	1,093
Capitalized deferred policy acquisition costs															497						417
Amortized deferred policy acquisition costs															(442)						(367)
Deferred policy acquisition costs asset, end of period															$	1,297					$	1,143

The table below shows the life deferred policy acquisition costs asset by product:

(Dollars in millions)
Three months ended March 31, 2025						Term						Whole life						Deferred annuity						Universal life												Total
Balance, beginning of period						$	245					$	52					$	8					$	51											$	356
Capitalized deferred policy acquisition costs						9						2						—						1												12
Amortized deferred policy acquisition costs						(6)						(1)						—						(1)												(8)
Balance, end of period						$	248					$	53					$	8					$	51											$	360
Three months ended March 31, 2024
Balance, beginning of period						$	236					$	48					$	8					$	52											$	344
Capitalized deferred policy acquisition costs						8						2						—						—												10
Amortized deferred policy acquisition costs						(6)						(1)						—						—												(7)
Balance, end of period						$	238					$	49					$	8					$	52											$	347

Cincinnati Financial Corporation First-Quarter 2025 10-Q

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NOTE 7 – Accumulated Other Comprehensive Income

Accumulated other comprehensive income (AOCI) includes changes in unrealized gains and losses on investments, changes in pension obligations and changes in life policy reserves, reinsurance recoverable and other as follows:

(Dollars in millions)						Three months ended March 31,
						2025																					2024
						Before tax						Income tax						Net									Before tax						Income tax						Net
Investments:
AOCI, beginning of period						$	(553)					$	(119)					$	(434)								$	(570)					$	(123)					$	(447)
OCI before investment gains and losses, net, recognized in net income						65						14						51									(65)						(13)						(52)
Investment gains and losses, net, recognized in net income						2						—						2									10						2						8
OCI						67						14						53									(55)						(11)						(44)
AOCI, end of period						$	(486)					$	(105)					$	(381)								$	(625)					$	(134)					$	(491)
Pension obligations:
AOCI, beginning of period						$	75					$	17					$	58								$	30					$	8					$	22
OCI excluding amortization recognized in net income						—						—						—									—						—						—
Amortization recognized in net income						(1)						—						(1)									—						—						—
OCI						(1)						—						(1)									—						—						—
AOCI, end of period						$	74					$	17					$	57								$	30					$	8					$	22
Life policy reserves, reinsurance recoverable and other:
AOCI, beginning of period						$	85					$	18					$	67								$	(13)					$	(3)					$	(10)
OCI before investment gains and losses, net, recognized in net income						(17)						(3)						(14)									47						10						37
Investment gains and losses, net, recognized in net income						—						—						—									—						—						—
OCI						(17)						(3)						(14)									47						10						37
AOCI, end of period						$	68					$	15					$	53								$	34					$	7					$	27
Summary of AOCI:
AOCI, beginning of period						$	(393)					$	(84)					$	(309)								$	(553)					$	(118)					$	(435)
Investments OCI						67						14						53									(55)						(11)						(44)
Pension obligations OCI						(1)						—						(1)									—						—						—
Life policy reserves, reinsurance recoverable and other OCI						(17)						(3)						(14)									47						10						37
Total OCI						49						11						38									(8)						(1)						(7)
AOCI, end of period						$	(344)					$	(73)					$	(271)								$	(561)					$	(119)					$	(442)

Investment gains and losses, net, and other investment gains and losses, net, are recorded in the investment gains and losses, net, line item in the condensed consolidated statements of income. Amortization of pension obligations is recorded in the insurance losses and contract holders' benefits and underwriting, acquisition and insurance expenses line items in the condensed consolidated statements of income.

Cincinnati Financial Corporation First-Quarter 2025 10-Q

Page 22

NOTE 8 – Reinsurance

Primary components of our property casualty reinsurance assumed operations include involuntary and voluntary assumed as well as contracts from our reinsurance assumed operations, known as Cincinnati Re. Primary components of our ceded reinsurance include a property per risk treaty, property excess treaty, casualty per occurrence treaty, casualty excess treaty, property catastrophe treaty and retrocessions on our reinsurance assumed operations. Management’s decisions about the appropriate level of risk retention are affected by various factors, including changes in our underwriting practices, capacity to retain risks and reinsurance market conditions.

The table below summarizes our consolidated property casualty insurance net written premiums, earned premiums and incurred loss and loss expenses:

(Dollars in millions)												Three months ended March 31,
																		2025						2024
Direct written premiums																		$	2,388					$	2,125
Assumed written premiums																		303						239
Ceded written premiums																		(196)						(116)
Net written premiums																		$	2,495					$	2,248
Direct earned premiums																		$	2,247					$	1,934
Assumed earned premiums																		190						152
Ceded earned premiums																		(173)						(94)
Earned premiums																		$	2,264					$	1,992
Direct incurred loss and loss expenses																		$	2,149					$	1,193
Assumed incurred loss and loss expenses																		236						76
Ceded incurred loss and loss expenses																		(498)						1
Incurred loss and loss expenses																		$	1,887					$	1,270

Cincinnati Financial Corporation First-Quarter 2025 10-Q

Page 23

Our life insurance company purchases reinsurance for protection of a portion of the risks that are written. Primary components of our life reinsurance program include individual mortality coverage, aggregate catastrophe and accidental death coverage in excess of certain deductibles.

The table below summarizes our consolidated life insurance earned premiums and contract holders' benefits incurred:

(Dollars in millions)												Three months ended March 31,
																		2025						2024
Direct earned premiums																		$	99					$	99
Ceded earned premiums																		(19)						(20)
Earned premiums																		$	80					$	79
Direct contract holders' benefits incurred																		$	94					$	94
Ceded contract holders' benefits incurred																		(13)						(15)
Contract holders' benefits incurred																		$	81					$	79

The ceded benefits incurred can vary depending on the type of life insurance policy held and the year the policy was issued.

The allowance for uncollectible property casualty premiums was $17 million and $18 million at March 31, 2025, and December 31, 2024, respectively. The allowances for credit losses on other premiums receivable and reinsurance recoverable assets were immaterial at March 31, 2025, and December 31, 2024.

Cincinnati Financial Corporation First-Quarter 2025 10-Q

Page 24

NOTE 9 – Income Taxes

The differences between the 21% statutory federal income tax rate and our effective income tax rate were as follows:

(Dollars in millions)												Three months ended March 31,
																		2025												2024
Tax at statutory rate:																														$	(27)					21.0		%				$	200					21.0		%
Increase (decrease) resulting from:
Tax-exempt income from municipal bonds																														(5)						3.9						(5)						(0.5)
Dividend received exclusion																														(5)						3.9						(5)						(0.5)
Other																														(1)						0.9						8						0.8
Provision (benefit) for income taxes																														$	(38)					29.7		%				$	198					20.8		%

The provision (benefit) for federal income taxes is based upon filing a consolidated income tax return for the company and its domestic subsidiaries.

We continue to believe that after considering all positive and negative evidence of taxable income in the carryback and carryforward periods as permitted by law, it is more likely than not that all of the deferred tax assets on our U.S. domestic operations and those related to Cincinnati Global Underwriting Ltd.SM (Cincinnati Global) will be realized. As a result, we have no valuation allowance for our U.S. domestic operations or Cincinnati Global at both March 31, 2025, and December 31, 2024.

Cincinnati Global

Cincinnati Global had no operating loss carryforwards in the United States and $67 million and $78 million in the United Kingdom at March 31, 2025, and December 31, 2024, respectively. These Cincinnati Global losses can only be utilized within the Cincinnati Global group.

Cincinnati Financial Corporation First-Quarter 2025 10-Q

Page 25

NOTE 10 – Net Income (Loss) Per Common Share

Basic earnings per share are computed based on the weighted average number of common shares outstanding. Diluted earnings per share are computed based on the weighted average number of common and dilutive potential common shares outstanding using the treasury stock method. The table shows calculations for basic and diluted earnings per share:

(In millions, except per share data)												Three months ended March 31,
															2025						2024
Numerator:
Net income (loss)—basic and diluted																		$	(90)					$	755
Denominator:
Basic weighted-average common shares outstanding																		156.4						156.8
Effect of share-based awards:
Stock options																		—						0.7
Nonvested shares																		—						0.4
Diluted weighted-average shares																		156.4						157.9
Earnings (loss) per share:
Basic																		$	(0.57)					$	4.82
Diluted																		$	(0.57)					$	4.78
Number of anti-dilutive share-based awards																		1.7						1.3

The source of dilution of our common shares are certain equity-based awards. See our 2024 Annual Report on Form 10-K, Item 8, Note 17, Share-Based Associate Compensation Plans, Page 173, for information about share-based awards. The above table shows the number of anti-dilutive share-based awards for the three months ended March 31, 2025 and 2024. In accordance with Accounting Standards Codification 260, Earnings per Share, the assumed exercise of share-based awards was excluded from the computation of diluted loss per share for the three months ended March 31, 2025, because their exercise would have anti-dilutive effects.

NOTE 11 – Employee Retirement Benefits

The following summarizes the components of net periodic benefit for our qualified and supplemental pension plans:

(Dollars in millions)												Three months ended March 31,
																		2025						2024
Service cost																		$	1					$	1
Non-service (benefit) costs:
Interest cost																		4						3
Expected return on plan assets																		(6)						(5)
Amortization of actuarial gain and prior service cost																		(1)						—
Total non-service benefit																		(3)						(2)
Net periodic benefit																		$	(2)					$	(1)

See our 2024 Annual Report on Form 10-K, Item 8, Note 13, Employee Retirement Benefits, Page 167, for information on our retirement benefits. The net periodic benefit is allocated in the same proportion primarily to the underwriting, acquisition and insurance expenses line item with the remainder allocated to the insurance losses and contract holders' benefits line item on the condensed consolidated statements of income for both 2025 and 2024.

We made matching contributions totaling $11 million and $9 million to our 401(k) and Top Hat savings plans during the first quarter of 2025 and 2024, respectively.

We made no contributions to our qualified pension plan during the first three months of 2025.

Cincinnati Financial Corporation First-Quarter 2025 10-Q

Page 26

NOTE 12 – Commitments and Contingent Liabilities

The company, through its insurance subsidiaries, is involved in claims litigation arising in the ordinary course of conducting its business, both as a liability insurer defending third-party claims brought against insureds and as an insurer defending against coverage claims. The company accounts for such activity through the establishment of unpaid loss and loss expense reserves. Subject to the uncertainties discussed in Note 4, Property Casualty Loss and Loss Expenses, and in the discussion in the balance of this Note, we believe that the ultimate liability, if any, with respect to such ordinary-course claims litigation, after consideration of provisions made for potential losses, costs of defense, and reinsurance recoveries, is immaterial to our consolidated financial position, results of operations and cash flows.

The company and its subsidiaries also are occasionally involved in other legal and regulatory proceedings, some of which assert claims for substantial amounts. These actions include, among others, putative class actions seeking certification of state or national classes. Such proceedings have alleged, for example, improper depreciation of labor costs in repair estimates. The company’s insurance subsidiaries also are occasionally parties to individual actions in which extra-contractual damages, punitive damages or penalties are sought, such as claims alleging bad faith handling of insurance claims or writing unauthorized coverage or claims alleging discrimination by former or current associates.

On a quarterly basis, we review these outstanding matters. Under current accounting guidance, we establish accruals when it is probable that a covered loss has been incurred and we can reasonably estimate its potential exposure. The company accounts for such probable and estimable losses, if any, through the establishment of legal expense reserves. Based on our quarterly review, we believe that our accruals for probable and estimable losses are reasonable and that the amounts accrued do not have a material effect on our consolidated financial position, results of operations and cash flows. However, if any one or more of these matters results in a judgment against us or settlement for an amount that is significantly greater than the amount accrued, the resulting liability could have a material effect on the company’s consolidated financial position, results of operations and cash flows. Based on our most recent review, our estimate for any other matters for which the risk of loss is not probable, but more than remote, is immaterial.

NOTE 13 – Segment Information

We operate primarily in two industries, property casualty insurance and life insurance. Our chief operating decision maker (CODM) is the chief executive officer who regularly reviews our reporting segments to make decisions about allocating resources and assessing performance. Our reporting segments are:

• Commercial lines insurance

• Personal lines insurance

• Excess and surplus lines insurance

• Life insurance

• Investments

We report as Other the noninvestment operations of the parent company and its noninsurer subsidiary, CFC Investment Company. We also report as Other the underwriting results of Cincinnati Re and Cincinnati Global. See our 2024 Annual Report on Form 10-K, Item 8, Note 18, Segment Information, Page 176, for a description of revenue, income or loss before income taxes, including its components, and identifiable assets for each of the five segments.

Cincinnati Financial Corporation First-Quarter 2025 10-Q

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Segment information is summarized in the following table:

(Dollars in millions)									Three months ended March 31,
															2025						2024
Commercial lines insurance
Commercial lines insurance premiums															$	1,179					$	1,082
Fee revenues															2						1
Total commercial lines insurance revenues															1,181						1,083
Loss and loss expenses															735						719
Underwriting expenses															349						325
Total commercial lines income before income taxes															97						39
Personal lines insurance
Personal lines insurance premiums															698						588
Fee revenues															1						1
Total personal lines insurance revenues															699						589
Loss and loss expenses															846						379
Underwriting expenses															210						173
Total personal lines income (loss) before income taxes															(357)						37
Excess and surplus lines insurance
Excess and surplus lines insurance premiums															162						139
Fee revenues															1						1
Total excess and surplus lines insurance revenues															163						140
Loss and loss expenses															99						90
Underwriting expenses															44						38
Total excess and surplus lines income before income taxes															20						12
Life insurance
Life insurance premiums															80						79
Fee revenues															1						1
Total life insurance revenues															81						80
Contract holders' benefits incurred															81						79
Investment interest credited to contract holders															(32)						(31)
Underwriting expenses incurred															23						22
Total life insurance income before income taxes															9						10
Investments
Investment income, net of expenses															280						245
Investment gains and losses, net															(67)						612
Total investment revenue															213						857
Investment interest credited to contract holders															32						31
Total investment income before income taxes															181						826
Reconciliation to condensed consolidated income (loss) before income taxes
Total segment revenues															2,337						2,749
Other earned premiums															225						183
Other revenues															4						3
Total revenues															2,566						2,935
Total segment benefits and expenses															2,387						1,825
Other loss and loss expenses															207						82
Other underwriting expenses															76						58
Other benefits and expenses															24						17
Total benefits and expenses															2,694						1,982
Total income (loss) before income taxes															$	(128)					$	953

Cincinnati Financial Corporation First-Quarter 2025 10-Q

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Identifiable assets by segment are summarized in the following table:

(Dollars in millions)						March 31,						December 31,
						2025						2024
Identifiable assets:
Property casualty insurance						$	6,481					$	5,927
Life insurance						1,684						1,658
Investments						27,967						27,887
Other						1,144						1,029
Total						$	37,276					$	36,501