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,
						2026						2025
Assets
Investments
Fixed maturities, at fair value (amortized cost: 2026—$18,946; 2025—$18,304)						$	18,545					$	18,123
Equity securities, at fair value (cost: 2026—$4,426; 2025—$4,155)						12,569						12,694
Short-term investments, at fair value (amortized cost: 2026—$49; 2025—$148)						49						148
Other invested assets						838						818
Total investments						32,001						31,783
Cash and cash equivalents						1,210						1,431
Investment income receivable						247						235
Finance receivable						142						146
Premiums receivable						3,321						3,142
Reinsurance recoverable						627						655
Prepaid reinsurance premiums						95						71
Deferred policy acquisition costs						1,384						1,344
Land, building and equipment, net, for company use (accumulated depreciation: 2026—$373; 2025—$367)						214						219
Other assets						982						995
Separate accounts						988						981
Total assets						$	41,211					$	41,002
Liabilities
Insurance reserves
Loss and loss expense reserves						$	11,959					$	11,507
Life policy and investment contract reserves						2,965						2,992
Unearned premiums						5,424						5,254
Other liabilities						1,567						1,638
Deferred income tax						1,710						1,833
Note payable						25						25
Long-term debt and lease obligations						859						861
Separate accounts						988						981
Total liabilities						25,497						25,091
Commitments and contingent liabilities (Note 12)
Shareholders' Equity
Common stock, par value—$2 per share; (authorized: 2026 and 2025—500 million shares; issued: 2026 and 2025—198.3 million shares)						397						397
Paid-in capital						1,561						1,561
Retained earnings						16,848						16,719
Accumulated other comprehensive loss						(185)						(34)
Treasury stock at cost (2026—43.7 million shares and 2025—42.9 million shares)						(2,907)						(2,732)
Total shareholders' equity						15,714						15,911
Total liabilities and shareholders' equity						$	41,211					$	41,002

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,
															2026						2025
Revenues
Earned premiums															$	2,604					$	2,344
Investment income, net of expenses															318						280
Investment gains and losses, net															(70)						(67)
Fee revenues															5						5
Other revenues															6						4
Total revenues															2,863						2,566
Benefits and Expenses
Insurance losses and contract holders' benefits															1,751						1,968
Underwriting, acquisition and insurance expenses															764						702
Interest expense															13						13
Other operating expenses															9						11
Total benefits and expenses															2,537						2,694
Income (Loss) Before Income Taxes															326						(128)
Provision (Benefit) for Income Taxes
Current															134						(42)
Deferred															(82)						4
Total provision (benefit) for income taxes															52						(38)
Net Income (Loss)															$	274					$	(90)
Per Common Share
Net income (loss) — basic															$	1.77					$	(0.57)
Net income (loss) — diluted															1.75						(0.57)

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,
																		2026						2025
Net Income (Loss)																		$	274					$	(90)
Other Comprehensive Income (Loss)
Change in unrealized gains and losses on investments, net of tax (benefit) of $(46) and $14, respectively																		(174)						53
Amortization of pension actuarial gain and prior service cost, net of tax (benefit) of $0 and $0, respectively																		(1)						(1)
Change in life policy reserves, reinsurance recoverable and other, net of tax (benefit) of $6 and $(3), respectively																		24						(14)
Other comprehensive income (loss)																		(151)						38
Comprehensive Income (Loss)																		$	123					$	(52)

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,
																		2026						2025
Common Stock
Beginning of period																		$	397					$	397
Share-based awards																		—						—
End of period																		397						397
Paid-In Capital
Beginning of period																		1,561						1,502
Share-based awards																		(17)						(7)
Share-based compensation																		15						15
Other																		2						1
End of period																		1,561						1,511
Retained Earnings
Beginning of period																		16,719						14,869
Net income (loss)																		274						(90)
Dividends declared																		(145)						(135)
End of period																		16,848						14,644
Accumulated Other Comprehensive Loss
Beginning of period																		(34)						(309)
Other comprehensive income (loss)																		(151)						38
End of period																		(185)						(271)
Treasury Stock
Beginning of period																		(2,732)						(2,524)
Share-based awards																		10						6
Shares acquired - share repurchase authorization																		(179)						(42)
Shares acquired - share-based compensation plans																		(6)						(3)
End of period																		(2,907)						(2,563)
Total Shareholders' Equity																		$	15,714					$	13,718
(In millions, except per common share)
Common Stock - Shares Outstanding
Beginning of period																		155.4						156.4
Share-based awards																		0.3						0.2
Shares acquired - share repurchase authorization																		(1.1)						(0.3)
End of period																		154.6						156.3
Dividends declared per common share																		$	0.94					$	0.87

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,
						2026						2025
Cash Flows From Operating Activities
Net income (loss)						$	274					$	(90)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other						40						47
Investment gains and losses, net						75						74
Interest credited to contract holders						11						11
Deferred income tax expense						(82)						4
Changes in:
Premiums and reinsurance receivable						(175)						(502)
Deferred policy acquisition costs						(40)						(55)
Other assets						(13)						(22)
Loss and loss expense reserves						452						777
Life policy and investment contract reserves						18						5
Unearned premiums						170						255
Other liabilities						(187)						(135)
Current income tax receivable/payable						113						(59)
Net cash provided by operating activities						656						310
Cash Flows From Investing Activities
Sale, call or maturity of fixed maturities						1,005						497
Sale of equity securities						454						17
Purchase of fixed maturities						(1,629)						(717)
Purchase of equity securities						(400)						(22)
Change in short-term investments, net						101						200
Changes in finance receivables						3						(3)
Investment in building and equipment						(2)						(3)
Change in other invested assets, net						(25)						(27)
Net cash used in investing activities						(493)						(58)
Cash Flows From Financing Activities
Payment of cash dividends to shareholders						(133)						(125)
Shares acquired - share repurchase authorization						(179)						(42)
Proceeds from stock options exercised						5						4
Contract holders' funds deposited						16						14
Contract holders' funds withdrawn						(39)						(40)
Other						(54)						(36)
Net cash used in financing activities						(384)						(225)
Net change in cash and cash equivalents						(221)						27
Cash and cash equivalents at beginning of year						1,431						983
Cash and cash equivalents at end of period						$	1,210					$	1,010
Supplemental Disclosures of Cash Flow Information:
Income taxes paid						4						2
Noncash Activities
Equipment acquired under finance lease obligations						$	3					$	8
Share-based compensation						27						13
Other assets and other liabilities						38						100

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, 2026, 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 2025 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 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 disclosure of certain categories of expenses contained within relevant expense captions. 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. The ASU should be applied prospectively with retrospective application and 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.

ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 modernizes the accounting for internal-use software costs by eliminating references to prescriptive and sequential software development stages and updating the cost capitalization criteria. The effective date of ASU 2025-06 is for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, 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.

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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, 2026									gains						losses
Fixed-maturity:
Corporate						$	10,209					$	100					$	274					$	10,035
States, municipalities and political subdivisions						5,073						22						221						4,874
Government-sponsored enterprises						2,535						1						25						2,511
Asset-backed						769						7						10						766
United States government						332						1						2						331
Foreign government						28						—						—						28
Total fixed-maturity						18,946						131						532						18,545
Short-term						49						—						—						49
Total fixed-maturity and short-term investments						$	18,995					$	131					$	532					$	18,594
At December 31, 2025
Fixed-maturity:
Corporate						$	9,750					$	164					$	203					$	9,711
States, municipalities and political subdivisions						5,065						35						181						4,919
Government-sponsored enterprises						2,360						3						4						2,359
Asset-backed						793						12						8						797
United States government						312						2						1						313
Foreign government						24						—						—						24
Total fixed-maturity						18,304						216						397						18,123
Short-term						148						—						—						148
Total fixed-maturity and short-term investments						$	18,452					$	216					$	397					$	18,271

The increase in net unrealized investment losses in our fixed-maturity portfolio at March 31, 2026, is primarily due to an increase in U.S. Treasury yields and a widening of corporate credit spreads. Our asset-backed securities had an average rating of Aa2/AA at both March 31, 2026 and December 31, 2025.

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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, 2026						Fair value						Unrealized losses						Fair value						Unrealized losses						Fair value						Unrealized losses
Fixed-maturity:
Corporate						$	3,031					$	55					$	2,767					$	219					$	5,798					$	274
States, municipalities and political subdivisions						808						7						2,319						214						3,127						221
Government-sponsored enterprises						2,018						23						97						2						2,115						25
Asset-backed						157						3						185						7						342						10
United States government						126						1						20						1						146						2
Foreign government						15						—						—						—						15						—
Total fixed-maturity						$	6,155					$	89					$	5,388					$	443					$	11,543					$	532
At December 31, 2025
Fixed-maturity:
Corporate						$	849					$	15					$	2,926					$	188					$	3,775					$	203
States, municipalities and political subdivisions						204						2						2,346						179						2,550						181
Government-sponsored enterprises						983						3						195						1						1,178						4
Asset-backed						101						2						184						6						285						8
United States government						69						—						20						1						89						1
Total fixed-maturity						$	2,206					$	22					$	5,671					$	375					$	7,877					$	397

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, 2026
Maturity dates:
Due in one year or less						$	840					$	838					4.5		%
Due after one year through five years						3,437						3,428						18.4
Due after five years through ten years						4,790						4,756						25.6
Due after ten years						9,928						9,572						51.5
Total						$	18,995					$	18,594					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,
															2026						2025
Investment income:
Interest															$	235					$	210
Dividends															76						67
Other															12						7
Total															323						284
Less investment expenses															5						4
Total															$	318					$	280
Investment gains and losses, net:
Equity securities:
Investment gains and losses on securities sold, net															$	33					$	(1)
Unrealized gains and losses on securities still held, net															(104)						(71)
Subtotal															(71)						(72)
Fixed-maturity securities:
Gross realized gains															2						—
Gross realized losses															(1)						—
Change in allowance for credit losses, net															(1)						(2)
Subtotal															—						(2)
Other															1						7
Total															$	(70)					$	(67)

The fair value of our equity portfolio was $12.569 billion and $12.694 billion at March 31, 2026, and December 31, 2025, respectively. Apple Inc. (Nasdaq:AAPL), an equity holding, was our largest single investment holding with fair values of $881 million and $958 million, which was 7.2% and 7.7% of our publicly traded common equities portfolio and 2.8% and 3.1% of the total investment portfolio at March 31, 2026, and December 31, 2025, respectively.

The allowance for credit losses on fixed-maturity securities was $54 million at both March 31, 2026, and December 31, 2025. Reductions in the allowance for credit losses for securities sold were $1 million for the three months ended March 31, 2026.

There were 3,356 and 2,597 fixed-maturity investments in a total unrealized loss position of $532 million and $397 million at March 31, 2026, and December 31, 2025, respectively. Of those totals, 17 and 13 fixed-maturity securities had fair values below 70% of amortized cost at March 31, 2026, and December 31, 2025, 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, 2025, and ultimately management determines fair value. See our 2025 Annual Report on Form 10-K, Item 8, Note 3, Fair Value Measurements, Page 134, 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, 2026, and December 31, 2025. We do not have any liabilities carried at fair value.

(Dollars in millions)						Level 1						Level 2						Level 3						Total
At March 31, 2026
Fixed maturities, available for sale:
Corporate						$	—					$	10,035					$	—					$	10,035
States, municipalities and political subdivisions						—						4,874						—						4,874
Government-sponsored enterprises						—						2,511						—						2,511
Asset-backed						—						766						—						766
United States government						331						—						—						331
Foreign government						—						28						—						28
Subtotal						331						18,214						—						18,545
Common equities						12,260						—						—						12,260
Nonredeemable preferred equities						—						309						—						309
Separate accounts taxable fixed maturities						64						890						—						954
Short-term investments						49						—						—						49
Top Hat savings plan mutual funds and common equity (included in Other assets)						99						—						—						99
Total						$	12,803					$	19,413					$	—					$	32,216
At December 31, 2025
Fixed maturities, available for sale:
Corporate						$	—					$	9,711					$	—					$	9,711
States, municipalities and political subdivisions						—						4,919						—						4,919
Government-sponsored enterprises						—						2,359						—						2,359
Asset-backed						—						797						—						797
United States government						313						—						—						313
Foreign government						—						24						—						24
Subtotal						313						17,810						—						18,123
Common equities						12,373						—						—						12,373
Nonredeemable preferred equities						—						321						—						321
Separate accounts taxable fixed maturities						35						872						—						907
Short-term investments						148						—						—						148
Top Hat savings plan mutual funds and common equity (included in Other assets)						102						—						—						102
Total						$	12,971					$	19,003					$	—					$	31,974

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We also held Level 1 cash and cash equivalents of $1.210 billion and $1.431 billion at March 31, 2026, and December 31, 2025, 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,
												2026						2025						2026						2025
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						373						372						374						374
Total																		$	791					$	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, 2026
Note payable						$	—					$	25					$	—					$	25
6.900% senior debentures, due 2028						—						29						—						29
6.920% senior debentures, due 2028						—						411						—						411
6.125% senior notes, due 2034						—						394						—						394
Total						$	—					$	859					$	—					$	859
At December 31, 2025
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						—						404						—						404
Total						$	—					$	874					$	—					$	874

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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, 2026
Life policy loans						$	—					$	—					$	43					$	43
Deferred annuities						$	—					$	—					$	518					$	518
Structured settlements						—						119						—						119
Total						$	—					$	119					$	518					$	637
At December 31, 2025
Life policy loans						$	—					$	—					$	43					$	43
Deferred annuities						$	—					$	—					$	530					$	530
Structured settlements						—						123						—						123
Total						$	—					$	123					$	530					$	653

Outstanding principal and interest for these life policy loans totaled $39 million and $38 million at March 31, 2026, and December 31, 2025, respectively.

Recorded reserves for the deferred annuities were $546 million and $554 million at March 31, 2026, and December 31, 2025, respectively. Recorded reserves for the structured settlements were $110 million and $111 million at March 31, 2026, and December 31, 2025, respectively.

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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,
																		2026						2025
Gross loss and loss expense reserves, beginning of period																		$	11,450					$	9,937
Less reinsurance recoverable																		438						269
Net loss and loss expense reserves, beginning of period																		11,012						9,668
Net incurred loss and loss expenses related to:
Current accident year																		1,748						1,978
Prior accident years																		(81)						(91)
Total incurred																		1,667						1,887
Net paid loss and loss expenses related to:
Current accident year																		234						593
Prior accident years																		967						806
Total paid																		1,201						1,399
Net loss and loss expense reserves, end of period																		11,478						10,156
Plus reinsurance recoverable																		406						551
Gross loss and loss expense reserves, end of period																		$	11,884					$	10,707

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 $75 million and $73 million at March 31, 2026, and 2025, respectively, for certain life and health loss and loss expense reserves.

We experienced $81 million of favorable development on prior accident years, including $53 million of favorable development in commercial lines, $7 million of favorable development in personal lines and $8 million of favorable development in excess and surplus lines for the three months ended March 31, 2026. Within commercial lines, we recognized favorable reserve development of $30 million for the commercial property line and $9 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 $15 million for the homeowner line and unfavorable reserve development of $10 million in personal auto.

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.

Cincinnati Financial Corporation First-Quarter 2026 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, typically in the second quarter, 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, 2026						December 31, 2025
Life policy reserves:
Term						$	1,088					$	1,103
Whole life						420						426
Other						102						100
Subtotal						1,610						1,629
Investment contract reserves:
Deferred annuities						546						554
Universal life						590						589
Structured settlements						110						111
Other						109						109
Subtotal						1,355						1,363
Total life policy and investment contract reserves						$	2,965					$	2,992

Cincinnati Financial Corporation First-Quarter 2026 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,
						2026												2025
						Term						Whole life						Term						Whole life
Present value of expected net premiums:
Balance, beginning of period						$	1,709					$	225					$	1,638					$	218
Beginning balance at original discount rate						1,743						228						1,719						228
Effect of changes in cash flow assumptions						—						—						—						—
Effect of actual variances from expected experience						(6)						—						(8)						—
Adjusted beginning of period balance						1,737						228						1,711						228
Issuances						39						4						35						3
Interest accrual						19						2						19						3
Net premiums collected						(46)						(7)						(46)						(7)
Ending balance at original discount rate						1,749						227						1,719						227
Effect of changes in discount rate assumptions						(61)						(6)						(60)						(7)
Balance, end of period						1,688						221						1,659						220
Present value of expected future policy benefits:
Balance, beginning of period						2,794						650						2,668						623
Beginning balance at original discount rate						2,863						662						2,812						646
Effect of changes in cash flow assumptions						—						—						—						—
Effect of actual variances from expected experience						(7)						—						(14)						—
Adjusted beginning of period balance						2,856						662						2,798						646
Issuances						39						4						36						3
Interest accrual						32						8						32						9
Benefits paid						(50)						(8)						(54)						(10)
Ending balance at original discount rate						2,877						666						2,812						648
Effect of changes in discount rate assumptions						(117)						(26)						(109)						(17)
Balance, end of period						2,760						640						2,703						631
Net liability for future policy benefits:
Present value of expected future policy benefits less expected net premiums						1,072						419						1,044						411
Impact of flooring at cohort level						16						1						20						1
Net life policy reserves						1,088						420						1,064						412
Less reinsurance recoverable at original discount rate						(65)						(25)						(82)						(25)
Less effect of discount rate assumption changes on reinsurance recoverable						(6)						(3)						(8)						(3)
Net life policy reserves, after reinsurance recoverable						$	1,017					$	392					$	974					$	384
Weighted-average duration of the net life policy reserves in years						11						15						11						15

The total impact of flooring at cohort level in the above tables includes the effect of discount rate assumption changes of $1 million and $3 million at March 31, 2026 and 2025, respectively.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 17

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,
						2026												2025
						Undiscounted						Discounted						Undiscounted						Discounted
Term
Expected future benefit payments						$	5,065					$	2,760					$	4,894					$	2,703
Expected future gross premiums						4,727						2,738						4,561						2,658
Whole life
Expected future benefit payments						$	1,758					$	640					$	1,719					$	631
Expected future gross premiums						706						422						692						415

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,
																		2026						2025
Gross premiums
Term																		$	77					$	74
Whole life																		14						13
Total																		$	91					$	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, 2026, and 2025.

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

						At March 31,
						2026						2025
Term
Interest accretion rate						5.28		%				5.20		%
Current discount rate						5.11						4.96
Whole life
Interest accretion rate						5.85		%				5.87		%
Current discount rate						5.82						5.67

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 2026 10-Q

Page 18

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,
															2026												2025
																											Deferred annuity						Universal life						Deferred annuity						Universal life
Balance, beginning of period																											$	554					$	451					$	595					$	456
Premiums received																											6						9						4						10
Policy charges																											—						(10)						—						(10)
Surrenders and withdrawals																											(15)						(5)						(17)						(3)
Benefit payments																											(4)						(1)						(5)						(1)
Interest credited																											5						5						5						5
Balance, end of period																											$	546					$	449					$	582					$	457
Weighted average crediting rate																											3.75		%				4.42		%				3.68		%				4.40		%
Net amount at risk																											$	—					$	3,642					$	—					$	3,801
Cash surrender value																											539						423						575						428

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, 2026
Deferred annuity
1.00-3.00%						$	204					$	43					$	14					$	242					$	503
3.01-4.00%						43						—						—						—						43
Total						$	247					$	43					$	14					$	242					$	546
Universal life
1.00-3.00%						$	—					$	53					$	57					$	17					$	127
3.01-4.00%						52						—						4						—						56
Greater than 4.00%						266						—						—						—						266
Total						$	318					$	53					$	61					$	17					$	449
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

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 19

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,
															2026						2025
Balance, beginning of period															$	138					$	130
Balance, beginning of period before shadow reserve adjustments															138						131
Effect of changes in cash flow assumptions															—						—
Effect of actual variances from expected experience															1						2
Adjusted beginning of period balance															139						133
Interest accrual															1						1
Excess death benefits															(2)						(7)
Attributed assessments															3						3
Effect of changes in interest rate assumptions															1						1
Balance, end of period before shadow reserve adjustments															142						131
Shadow reserve adjustments															(1)						(1)
Balance, end of period															141						130
Less reinsurance recoverable, end of period															5						8
Net other additional liability, after reinsurance recoverable															$	146					$	138
Weighted-average duration of the other additional liability in years															25						29

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

(Dollars in millions)												Three months ended March 31,
																		2026						2025
Balance, beginning of period																		$	981					$	952
Interest credited before policy charges																		11						11
Benefit payments																		(1)						(8)
Other																		(3)						4
Balance, end of period																		$	988					$	959
Cash surrender value																		$	986					$	949

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 20

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,
															2026						2025
Property casualty:
Deferred policy acquisition costs asset, beginning of period															$	974					$	886
Capitalized deferred policy acquisition costs															512						485
Amortized deferred policy acquisition costs															(475)						(434)
Deferred policy acquisition costs asset, end of period															$	1,011					$	937
Life:
Deferred policy acquisition costs asset, beginning of period															$	370					$	356
Capitalized deferred policy acquisition costs															11						12
Amortized deferred policy acquisition costs															(8)						(8)
Deferred policy acquisition costs asset, end of period															$	373					$	360
Consolidated:
Deferred policy acquisition costs asset, beginning of period															$	1,344					$	1,242
Capitalized deferred policy acquisition costs															523						497
Amortized deferred policy acquisition costs															(483)						(442)
Deferred policy acquisition costs asset, end of period															$	1,384					$	1,297

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

(Dollars in millions)
Three months ended March 31, 2026						Term						Whole life						Deferred annuity						Universal life												Total
Balance, beginning of period						$	257					$	55					$	8					$	50											$	370
Capitalized deferred policy acquisition costs						9						2						—						—												11
Amortized deferred policy acquisition costs						(6)						(1)						—						(1)												(8)
Balance, end of period						$	260					$	56					$	8					$	49											$	373
Three months ended March 31, 2025
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

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 21

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,
						2026																					2025
						Before tax						Income tax						Net									Before tax						Income tax						Net
Investments:
AOCI, beginning of period						$	(181)					$	(40)					$	(141)								$	(553)					$	(119)					$	(434)
OCI before investment gains and losses, net, recognized in net income						(220)						(46)						(174)									65						14						51
Investment gains and losses, net, recognized in net income						—						—						—									2						—						2
OCI						(220)						(46)						(174)									67						14						53
AOCI, end of period						$	(401)					$	(86)					$	(315)								$	(486)					$	(105)					$	(381)
Pension obligations:
AOCI, beginning of period						$	85					$	19					$	66								$	75					$	17					$	58
OCI excluding amortization recognized in net income						—						—						—									—						—						—
Amortization recognized in net income						(1)						—						(1)									(1)						—						(1)
OCI						(1)						—						(1)									(1)						—						(1)
AOCI, end of period						$	84					$	19					$	65								$	74					$	17					$	57
Life policy reserves, reinsurance recoverable and other:
AOCI, beginning of period						$	52					$	11					$	41								$	85					$	18					$	67
OCI before investment gains and losses, net, recognized in net income						30						6						24									(17)						(3)						(14)
Investment gains and losses, net, recognized in net income						—						—						—									—						—						—
OCI						30						6						24									(17)						(3)						(14)
AOCI, end of period						$	82					$	17					$	65								$	68					$	15					$	53
Summary of AOCI:
AOCI, beginning of period						$	(44)					$	(10)					$	(34)								$	(393)					$	(84)					$	(309)
Investments OCI						(220)						(46)						(174)									67						14						53
Pension obligations OCI						(1)						—						(1)									(1)						—						(1)
Life policy reserves, reinsurance recoverable and other OCI						30						6						24									(17)						(3)						(14)
Total OCI						(191)						(40)						(151)									49						11						38
AOCI, end of period						$	(235)					$	(50)					$	(185)								$	(344)					$	(73)					$	(271)

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 2026 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 treaties and catastrophe bonds 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,
																		2026						2025
Direct written premiums																		$	2,507					$	2,388
Assumed written premiums																		281						303
Ceded written premiums																		(120)						(196)
Net written premiums																		$	2,668					$	2,495
Direct earned premiums																		$	2,448					$	2,247
Assumed earned premiums																		167						190
Ceded earned premiums																		(96)						(173)
Earned premiums																		$	2,519					$	2,264
Direct incurred loss and loss expenses																		$	1,595					$	2,149
Assumed incurred loss and loss expenses																		81						236
Ceded incurred loss and loss expenses																		(9)						(498)
Incurred loss and loss expenses																		$	1,667					$	1,887

Cincinnati Financial Corporation First-Quarter 2026 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 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,
																		2026						2025
Direct earned premiums																		$	105					$	99
Ceded earned premiums																		(20)						(19)
Earned premiums																		$	85					$	80
Direct contract holders' benefits incurred																		$	99					$	94
Ceded contract holders' benefits incurred																		(15)						(13)
Contract holders' benefits incurred																		$	84					$	81

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 receivable was $18 million at both March 31, 2026, and December 31, 2025. The allowances for credit losses on other premiums receivable and reinsurance recoverable assets were immaterial at March 31, 2026, and December 31, 2025.

Cincinnati Financial Corporation First-Quarter 2026 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,
																		2026												2025
Tax at statutory rate:																														$	68					21.0		%				$	(27)					21.0		%
Increase (decrease) resulting from:
Nontaxable or nondeductible items
Tax-exempt income from municipal bonds																														(6)						(1.8)						(5)						3.9
Dividend received exclusion																														(6)						(1.8)						(5)						3.9
Other nontaxable or nondeductible items																														(1)						(0.3)						2						(1.6)
Other																														(3)						(1.1)						(3)						2.5
Provision (benefit) for income taxes																														$	52					16.0		%				$	(38)					29.7		%

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, 2026, and December 31, 2025.

Cincinnati Global

Cincinnati Global had no operating loss carryforwards in the United States and $36 million and $50 million in the United Kingdom at March 31, 2026, and December 31, 2025, respectively. These Cincinnati Global losses can only be utilized within the Cincinnati Global group.

Cincinnati Financial Corporation First-Quarter 2026 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,
															2026						2025
Numerator:
Net income (loss)—basic and diluted																		$	274					$	(90)
Denominator:
Basic weighted-average common shares outstanding																		155.3						156.4
Effect of share-based awards:
Stock options																		1.2						—
Nonvested shares																		0.5						—
Diluted weighted-average shares																		157.0						156.4
Earnings (loss) per share:
Basic																		$	1.77					$	(0.57)
Diluted																		$	1.75					$	(0.57)
Number of anti-dilutive share-based awards																		0.5						1.7

The source of dilution of our common shares are certain equity-based awards. See our 2025 Annual Report on Form 10-K, Item 8, Note 17, Share-Based Associate Compensation Plans, Page 169, 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, 2026 and 2025. 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,
																		2026						2025
Service cost																		$	1					$	1
Non-service (benefit) costs:
Interest cost																		4						4
Expected return on plan assets																		(6)						(6)
Amortization of actuarial gain and prior service cost																		(1)						(1)
Total non-service benefit																		(3)						(3)
Net periodic benefit																		$	(2)					$	(2)

See our 2025 Annual Report on Form 10-K, Item 8, Note 13, Employee Retirement Benefits, Page 163, 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 2026 and 2025.

We made matching contributions totaling $8 million and $11 million to our 401(k) and Top Hat savings plans during the first quarter of 2026 and 2025, respectively.

We made no contributions to our qualified pension plan during the first three months of 2026.

Cincinnati Financial Corporation First-Quarter 2026 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. 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 five 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 2025 Annual Report on Form 10-K, Item 8, Note 18, Segment Information, Page 172, 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 2026 10-Q

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Segment information is summarized in the following table:

(Dollars in millions)									Three months ended March 31,
															2026						2025
Commercial lines insurance
Commercial lines insurance premiums															$	1,241					$	1,179
Fee revenues															1						2
Total commercial lines insurance revenues															1,242						1,181
Loss and loss expenses															847						735
Underwriting expenses															377						349
Total commercial lines income before income taxes															18						97
Personal lines insurance
Personal lines insurance premiums															873						698
Fee revenues															2						1
Total personal lines insurance revenues															875						699
Loss and loss expenses															607						846
Underwriting expenses															238						210
Total personal lines income (loss) before income taxes															30						(357)
Excess and surplus lines insurance
Excess and surplus lines insurance premiums															180						162
Fee revenues															1						1
Total excess and surplus lines insurance revenues															181						163
Loss and loss expenses															110						99
Underwriting expenses															50						44
Total excess and surplus lines income before income taxes															21						20
Life insurance
Life insurance premiums															85						80
Fee revenues															1						1
Total life insurance revenues															86						81
Contract holders' benefits incurred															84						81
Investment interest credited to contract holders															(32)						(32)
Underwriting expenses incurred															23						23
Total life insurance income before income taxes															11						9
Investments
Investment income, net of expenses															318						280
Investment gains and losses, net															(70)						(67)
Total investment revenue															248						213
Investment interest credited to contract holders															32						32
Total investment income before income taxes															216						181
Reconciliation to condensed consolidated income before income taxes
Total segment revenues															2,632						2,337
Other earned premiums															225						225
Other revenues															6						4
Total revenues															2,863						2,566
Total segment benefits and expenses															2,336						2,387
Other loss and loss expenses															103						207
Other underwriting expenses															76						76
Other benefits and expenses															22						24
Total benefits and expenses															2,537						2,694
Total income (loss) before income taxes															$	326					$	(128)

Cincinnati Financial Corporation First-Quarter 2026 10-Q

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Identifiable assets by segment are summarized in the following table:

(Dollars in millions)						March 31,						December 31,
						2026						2025
Identifiable assets:
Property casualty insurance						$	6,608					$	6,916
Life insurance						1,715						1,695
Investments						31,410						31,199
Other						1,478						1,192
Total						$	41,211					$	41,002