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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
 (Mark one)
☑        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. 
For the quarterly period ended September 30, 2025 .
☐        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. 
For the transition period from _____________________ to _____________________.
Commission file number 0-4604
CINCINNATI FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)

Ohio   31-0746871
(State or other jurisdiction of
incorporation or organization) (I.R.S. Employer Identification No.)

6200 S. Gilmore Road, Fairfield, Ohio   45014-5141
(Address of principal executive offices)   (Zip code)

Registrant's telephone number, including area code: ( 513 ) 870-2000
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common stock CINF Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
☑ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
☑ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a nonaccelerated filer, a smaller reporting company or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
☑ Large accelerated filer ☐ Accelerated filer ☐ Nonaccelerated filer ☐ Smaller reporting company
☐ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):
☐ Yes ☑ No
As of October 22, 2025, there were 156,018,513 shares of common stock outstanding.

Table of Contents

CINCINNATI FINANCIAL CORPORATION AND SUBSIDIARIES
FORM 10-Q FOR THE QUARTER ENDED September 30, 2025
 
TABLE OF CONTENTS
 

Part I – Financial Information
3

     Item 1. Financial Statements (unaudited)
3

           Condensed Consolidated Balance Sheets
3

           Condensed Consolidated Statements of Income
4

           Condensed Consolidated Statements of Comprehensive Income
5

           Condensed Consolidated Statements of Shareholders’ Equity
6

           Condensed Consolidated Statements of Cash Flows
7

           Notes to Condensed Consolidated Financial Statements (unaudited)
8

     Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
33

           Safe Harbor Statement
33

           Corporate Financial Highlights
36

           Financial Results
45

           Liquidity and Capital Resources
60

           Other Matters
64

     Item 3. Quantitative and Qualitative Disclosures about Market Risk
64

     Item 4. Controls and Procedures
71

Part II – Other Information
72

     Item 1. Legal Proceedings
72

     Item 1A. Risk Factors
72

     Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
73

     Item 5. Other Information
74

     Item 6. Exhibits
75

Cincinnati Financial Corporation Third-Quarter 2025 10-Q
Page 2

Table of Contents

Part I – Financial Information

Item 1.    Financial Statements (unaudited)
 

Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Balance Sheets

(Dollars in millions, except per share data) September 30, December 31,
2025 2024
Assets    
Investments    
Fixed maturities, at fair value (amortized cost: 2025—$ 17,847 ; 2024—$ 16,735 )
$ 17,630   $ 16,182  
Equity securities, at fair value (cost: 2025—$ 4,154 ; 2024—$ 3,953 )
12,547   11,185  
Short-term investments, at fair value (amortized cost: 2025—$ 149 ; 2024—$ 298 )
149   298  
Other invested assets 773   713  
Total investments 31,099   28,378  
Cash and cash equivalents 1,460   983  

Investment income receivable 233   222  
Finance receivable 147   120  
Premiums receivable 3,307   2,969  
Reinsurance recoverable 679   523  
Prepaid reinsurance premiums 100   70  
Deferred policy acquisition costs 1,360   1,242  
Land, building and equipment, net, for company use (accumulated depreciation:
   2025—$ 361 ; 2024—$ 347 )
213   214  
Other assets 998   828  
Separate accounts 971   952  
Total assets $ 40,567   $ 36,501  

Liabilities    
Insurance reserves    
Loss and loss expense reserves $ 11,260   $ 10,003  
Life policy and investment contract reserves 3,003   2,960  
Unearned premiums 5,423   4,813  
Other liabilities 1,829   1,487  
Deferred income tax 1,792   1,476  
Note payable 25   25  
Long-term debt and lease obligations 858   850  
Separate accounts 971   952  
Total liabilities 25,161   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 1,543   1,502  
Retained earnings 16,179   14,869  
Accumulated other comprehensive loss ( 84 ) ( 309 )
    Treasury stock at cost (2025— 42.3 million shares and 2024— 41.9 million shares)
( 2,629 ) ( 2,524 )
Total shareholders' equity 15,406   13,935  
Total liabilities and shareholders' equity $ 40,567   $ 36,501  

 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Third-Quarter 2025 10-Q
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Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Income

(Dollars in millions, except per share data) Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
Revenues        
Earned premiums $ 2,567   $ 2,297   $ 7,391   $ 6,524  
Investment income, net of expenses 295   258   860   745  
Investment gains and losses, net 853   758   1,259   1,507  
Fee revenues 5   4   15   13  
Other revenues 6   3   15   10  
Total revenues 3,726   3,320   9,540   8,799  
Benefits and Expenses        
Insurance losses and contract holders' benefits 1,540   1,578   5,168   4,407  
Underwriting, acquisition and insurance expenses 754   683   2,165   1,954  
Interest expense 13   13   40   40  
Other operating expenses 6   6   27   19  
 Total benefits and expenses 2,313   2,280   7,400   6,420  
Income Before Income Taxes 1,413   1,040   2,140   2,379  
Provision for Income Taxes        
Current 128   171   167   293  
Deferred 163   49   256   199  
Total provision for income taxes 291   220   423   492  
Net Income $ 1,122   $ 820   $ 1,717   $ 1,887  
Per Common Share        
Net income — basic $ 7.19   $ 5.25   $ 10.99   $ 12.06  
Net income — diluted 7.11   5.20   10.88   11.97  

Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Third-Quarter 2025 10-Q
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Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income

(Dollars in millions) Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
Net Income $ 1,122   $ 820   $ 1,717   $ 1,887  
Other Comprehensive Income (Loss)        
Change in unrealized gains and losses on investments, net of tax of $ 51 , $ 106 , $ 71 and $ 78 , respectively
190   391   265   289  
Amortization of pension actuarial loss (gain) and prior service cost, net of tax (benefit) of $ 0 , $ 0 , $ 0 and $ 0 , respectively
—   —   ( 2 ) 1  
Change in life policy reserves, reinsurance recoverable and other, net of tax (benefit) of $( 7 ), $( 20 ), $( 10 ) and $( 2 ), respectively
( 25 ) ( 71 ) ( 38 ) ( 5 )
Other comprehensive income 165   320   225   285  
Comprehensive Income $ 1,287   $ 1,140   $ 1,942   $ 2,172  

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

Cincinnati Financial Corporation Third-Quarter 2025 10-Q
Page 5

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Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Shareholders' Equity
(Dollars in millions) Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
Common Stock
   Beginning of period $ 397   $ 397   $ 397   $ 397  
   Share-based awards —   —   —   —  
   End of period 397   397   397   397  

Paid-In Capital
   Beginning of period 1,528   1,466   1,502   1,437  
   Share-based awards 2   4   ( 1 ) 4  
   Share-based compensation 11   10   36   36  
   Other 2   2   6   5  
   End of period 1,543   1,482   1,543   1,482  

Retained Earnings
   Beginning of period 15,193   13,897   14,869   13,084  

   Net income 1,122   820   1,717   1,887  
Dividends declared ( 136 ) ( 126 ) ( 407 ) ( 380 )
   End of period 16,179   14,591   16,179   14,591  

Accumulated Other Comprehensive Loss
   Beginning of period ( 249 ) ( 470 ) ( 309 ) ( 435 )

   Other comprehensive income 165   320   225   285  
   End of period ( 84 ) ( 150 ) ( 84 ) ( 150 )

Treasury Stock
   Beginning of period ( 2,568 ) ( 2,513 ) ( 2,524 ) ( 2,385 )
   Share-based awards —   3   10   15  
   Shares acquired - share repurchase authorization ( 60 ) —   ( 102 ) ( 121 )
   Shares acquired - share-based compensation plans ( 1 ) ( 7 ) ( 14 ) ( 26 )
   Other —   1   1   1  
   End of period ( 2,629 ) ( 2,516 ) ( 2,629 ) ( 2,516 )

      Total Shareholders' Equity $ 15,406   $ 13,804   $ 15,406   $ 13,804  

(In millions, except per common share)
Common Stock - Shares Outstanding
   Beginning of period 156.3   156.2   156.4   157.0  
   Share-based awards 0.1   0.1   0.4   0.5  
   Shares acquired - share repurchase authorization ( 0.4 ) —   ( 0.7 ) ( 1.1 )
   Shares acquired - share-based compensation plans —   ( 0.1 ) ( 0.1 ) ( 0.2 )
   Other —   0.1   —   0.1  
   End of period 156.0   156.3   156.0   156.3  

Dividends declared per common share $ 0.87   $ 0.81   $ 2.61   $ 2.43  

Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Third-Quarter 2025 10-Q
Page 6

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Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows

 (Dollars in millions) Nine months ended September 30,
2025 2024
Cash Flows From Operating Activities    
Net income $ 1,717   $ 1,887  
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and other 126   115  
Investment gains and losses, net ( 1,235 ) ( 1,499 )

Interest credited to contract holders 33   34  
Deferred income tax expense 256   199  
Changes in:    

Premiums and reinsurance receivable ( 524 ) ( 356 )
Deferred policy acquisition costs ( 118 ) ( 148 )
Other assets ( 57 ) ( 8 )
Loss and loss expense reserves 1,257   878  
Life policy and investment contract reserves 34   54  
Unearned premiums 610   755  
Other liabilities 43   55  
Current income tax receivable/payable 23   41  
Net cash provided by operating activities 2,165   2,007  
Cash Flows From Investing Activities    
Sale, call or maturity of fixed maturities 2,602   2,354  

Sale of equity securities 201   1,332  
Purchase of fixed maturities ( 3,546 ) ( 3,797 )
Purchase of equity securities ( 319 ) ( 282 )

Change in short-term investments, net 154   —  
Changes in finance receivables ( 30 ) ( 10 )

Investment in building and equipment ( 12 ) ( 18 )
Change in other invested assets, net ( 67 ) ( 68 )
Net cash used in investing activities ( 1,017 ) ( 489 )
Cash Flows From Financing Activities    
Payment of cash dividends to shareholders ( 392 ) ( 365 )
Shares acquired - share repurchase authorization ( 102 ) ( 121 )

Proceeds from stock options exercised 8   7  
Contract holders' funds deposited 47   58  
Contract holders' funds withdrawn ( 121 ) ( 152 )
Other ( 111 ) ( 100 )
Net cash used in financing activities ( 671 ) ( 673 )
Net change in cash and cash equivalents 477   845  
Cash and cash equivalents at beginning of year 983   907  
Cash and cash equivalents at end of period $ 1,460   $ 1,752  
Supplemental Disclosures of Cash Flow Information:    
Interest paid $ 27   $ 27  
Income taxes paid 99   221  
Noncash Activities    

Equipment acquired under finance lease obligations $ 16   $ 13  
Share-based compensation 29   41  
Other assets and other liabilities 344   562  

 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Third-Quarter 2025 10-Q
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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 September 30, 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 Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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, cash flows or 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.

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.

Cincinnati Financial Corporation Third-Quarter 2025 10-Q
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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 September 30, 2025 gains losses
Fixed-maturity:        
Corporate $ 9,385   $ 171   $ 193   $ 9,363  
States, municipalities and political subdivisions 5,043   24   221   4,846  
Government-sponsored enterprises 2,348   3   5   2,346  
Asset-backed 776   11   9   778  
United States government 272   3   1   274  
Foreign government 23   —   —   23  

Total fixed-maturity 17,847   212   429   17,630  

Short-term 149   —   —   149  
Total fixed-maturity and short-term investments $ 17,996   $ 212   $ 429   $ 17,779  
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 September 30, 2025, is primarily due to a decrease in U.S. Treasury yields and a slight tightening of corporate credit spreads. Our asset-backed securities had an average rating of Aa2/AA and Aa1/AA at September 30, 2025 and December 31, 2024, respectively.

Cincinnati Financial Corporation Third-Quarter 2025 10-Q
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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 September 30, 2025 Fair
value Unrealized
losses Fair
value Unrealized
losses Fair
value Unrealized
losses
Fixed-maturity:            
Corporate $ 793   $ 14   $ 2,887   $ 179   $ 3,680   $ 193  
States, municipalities and political subdivisions 873   20   2,019   201   2,892   221  
Government-sponsored enterprises 922   3   488   2   1,410   5  
Asset-backed 173   4   91   5   264   9  
United States government —   —   27   1   27   1  
Foreign government 1   —   —   —   1   —  
Total fixed-maturity $ 2,762   $ 41   $ 5,512   $ 388   $ 8,274   $ 429  

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 September 30, 2025
Maturity dates:      
Due in one year or less $ 1,008   $ 1,001   5.6   %
Due after one year through five years 3,667   3,679   20.7  
Due after five years through ten years 4,084   4,109   23.1  
Due after ten years 9,237   8,990   50.6  
Total $ 17,996   $ 17,779   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 September 30, Nine months ended September 30,
2025 2024 2025 2024
Investment income:
Interest $ 227   $ 187   $ 651   $ 529  
Dividends 69   68   206   209  
Other 4   7   16   18  
Total 300   262   873   756  
Less investment expenses 5   4   13   11  
Total $ 295   $ 258   $ 860   $ 745  

Investment gains and losses, net:        
Equity securities:        
Investment gains and losses on securities sold, net $ ( 9 ) $ 24   $ ( 5 ) $ 146  
Unrealized gains and losses on securities still held, net 855   817   1,259   1,446  
Subtotal 846   841   1,254   1,592  
Fixed-maturity securities:        
Gross realized gains 2   1   3   5  
Gross realized losses ( 1 ) ( 87 ) ( 1 ) ( 94 )
Change in allowance for credit losses, net —   —   ( 15 ) ( 25 )

Subtotal 1   ( 86 ) ( 13 ) ( 114 )

Other 6   3   18   29  

Total $ 853   $ 758   $ 1,259   $ 1,507  

 
The fair value of our equity portfolio was $ 12.547 billion and $ 11.185 billion at September 30, 2025, and December 31, 2024, respectively. Microsoft Corporation (Nasdaq:MSFT) and Apple Inc. (Nasdaq:AAPL), equity holdings, were our largest single investment holdings with fair values of $ 940  million and $ 891 million, which were 7.7 % and 8.2 % of our publicly traded common equities portfolio and 3.1 % and 3.2 % of the total investment portfolio at September 30, 2025, and December 31, 2024, respectively.

The allowance for credit losses on fixed-maturity securities was $ 41 million and $ 33 million at September 30, 2025, and December 31, 2024, respectively. Reductions in the allowance for credit losses for securities sold were $ 6  million and $ 7  million for the three and nine months ended September 30, 2025.

There were 2,831 and 3,723 fixed-maturity and short-term investments in a total unrealized loss position of $ 429  million and $ 631  million at September 30, 2025, and December 31, 2024, respectively. Of those totals, 17  and  19  fixed-maturity securities had fair values below  70 % of amortized cost at September 30, 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 September 30, 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 September 30, 2025
Fixed maturities, available for sale:        
Corporate $ —   $ 9,363   $ —   $ 9,363  
States, municipalities and political subdivisions —   4,846   —   4,846  
Government-sponsored enterprises —   2,346   —   2,346  
Asset-backed —   778   —   778  
United States government 274   —   —   274  
Foreign government —   23   —   23  

Subtotal 274   17,356   —   17,630  
Common equities 12,209   —   —   12,209  
Nonredeemable preferred equities —   338   —   338  
Separate accounts taxable fixed maturities 35   877   —   912  
Short-term investments 149   —   —   149  
Top Hat savings plan mutual funds and common
   equity (included in Other assets) 100   —   —   100  
Total $ 12,767   $ 18,571   $ —   $ 31,338  

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 $ 1.460 billion and $ 983 million at September 30, 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   September 30, December 31, September 30, 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 September 30, 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
—   404   —   404  
Total $ —   $ 877   $ —   $ 877  

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 September 30, 2025
Life policy loans $ —   $ —   $ 42   $ 42  

Deferred annuities $ —   $ —   $ 541   $ 541  
Structured settlements —   125   —   125  
Total $ —   $ 125   $ 541   $ 666  

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 $ 37  million and $ 36 million at September 30, 2025, and December 31, 2024, respectively.
 
Recorded reserves for the deferred annuities were $ 565 million and $ 595 million at September 30, 2025, and December 31, 2024, respectively. Recorded reserves for the structured settlements were $ 112 million and $ 116  million at September 30, 2025, and December 31, 2024, 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 September 30, Nine months ended September 30,
2025 2024 2025 2024
Gross loss and loss expense reserves, beginning of period $ 11,001   $ 9,494   $ 9,937   $ 8,975  
Less reinsurance recoverable 504   303   269   362  
Net loss and loss expense reserves, beginning of period 10,497   9,191   9,668   8,613  

Net incurred loss and loss expenses related to:        
Current accident year 1,486   1,570   5,114   4,392  
Prior accident years ( 22 ) ( 71 ) ( 176 ) ( 211 )
Total incurred 1,464   1,499   4,938   4,181  
Net paid loss and loss expenses related to:        
Current accident year 616   574   1,800   1,262  
Prior accident years 601   540   2,062   1,956  
Total paid 1,217   1,114   3,862   3,218  
Net loss and loss expense reserves, end of period 10,744   9,576   10,744   9,576  
Plus reinsurance recoverable 451   290   451   290  
Gross loss and loss expense reserves, end of period $ 11,195   $ 9,866   $ 11,195   $ 9,866  

 
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 $ 65 million and $ 62 million at September 30, 2025, and 2024, respectively, for certain life and health loss and loss expense reserves.

We experienced $ 22  million of favorable development on prior accident years, including $ 18  million of favorable development in commercial lines, $ 14  million of unfavorable development in personal lines and $ 4  million of favorable development in excess and surplus lines for the three months ended September 30, 2025. Within commercial lines, we recognized favorable reserve development of $ 38  million for the commercial property line and $ 17  million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. This was partially offset by unfavorable reserve development of $ 24  million for the commercial casualty line and $ 10  million for the commercial auto line.

We experienced $ 176 million of favorable development on prior accident years, including $ 103 million of favorable development in commercial lines, $ 24 million of favorable development in personal lines and $ 18 million of favorable development in excess and surplus lines for the nine months ended September 30, 2025. Within commercial lines, we recognized favorable reserve development of $ 113 million for the commercial property line and $ 45  million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. This was partially offset by unfavorable reserve development of $ 35  million for the commercial auto line and $ 21  million for the commercial casualty line. Within personal lines, we recognized favorable reserve development of $ 47 million for the homeowner line.

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We experienced $ 71  million of favorable development on prior accident years, including $ 50  million of favorable development in commercial lines, less than $ 1  million of unfavorable development in personal lines and $ 5  million of unfavorable development in excess and surplus lines for the three months ended September 30, 2024. Within commercial lines, we recognized favorable reserve development of $ 33  million for the commercial property line and $ 16  million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines.

We experienced $ 211 million of favorable development on prior accident years, including $ 117 million of favorable development in commercial lines, $ 27 million of favorable development in personal lines and $ 5  million of unfavorable development in excess and surplus lines for the nine months ended September 30, 2024. Within commercial lines, we recognized favorable reserve development of $ 76 million for the commercial property line, $ 56  million for the workers' compensation line and $ 10  million for the commercial auto line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. This was partially offset by unfavorable reserve development of $ 27  million for the commercial casualty line. Within personal lines, we recognized favorable reserve development of $ 37 million for the homeowner line.
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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 pro vide 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) September 30, 2025 December 31, 2024
Life policy reserves:
Term $ 1,099   $ 1,051  
Whole life 430   405  
Other 99   98  
Subtotal 1,628   1,554  
Investment contract reserves:
Deferred annuities 565   595  
Universal life 588   586  
Structured settlements 112   116  
Other 110   109  
Subtotal 1,375   1,406  
Total life policy and investment contract reserves $ 3,003   $ 2,960  

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

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(Dollars in millions) Three months ended September 30,
2025 2024
Term Whole life Term Whole life
Present value of expected net premiums:
Balance, beginning of period $ 1,678   $ 220   $ 1,620   $ 215  
Beginning balance at original discount rate 1,731   226   1,701   225  
Effect of changes in cash flow assumptions —   —   ( 1 ) ( 1 )
Effect of actual variances from expected experience ( 11 ) 1   ( 4 ) —  
Adjusted beginning of period balance 1,720   227   1,696   224  
Issuances 44   7   34   9  
Interest accrual 19   2   20   2  
Net premiums collected ( 45 ) ( 8 ) ( 45 ) ( 8 )
Ending balance at original discount rate 1,738   228   1,705   227  
Effect of changes in discount rate assumptions ( 27 ) ( 3 ) 3   —  
Balance, end of period 1,711   225   1,708   227  

Present value of expected future policy benefits:
Balance, beginning of period 2,720   634   2,634   619  
Beginning balance at original discount rate 2,821   651   2,772   636  
Effect of changes in cash flow assumptions —   ( 1 ) ( 1 ) ( 2 )
Effect of actual variances from expected experience ( 16 ) 1   ( 7 ) ( 1 )
Adjusted beginning of period balance 2,805   651   2,764   633  
Issuances 44   7   34   8  
Interest accrual 32   8   32   8  
Benefits paid ( 37 ) ( 9 ) ( 48 ) ( 8 )
Ending balance at original discount rate 2,844   657   2,782   641  
Effect of changes in discount rate assumptions ( 52 ) ( 3 ) 12   27  
Balance, end of period 2,792   654   2,794   668  

Net liability for future policy benefits:
Present value of expected future policy benefits less expected net premiums 1,081   429   1,086   441  
Impact of flooring at cohort level 18   1   22   —  
Net life policy reserves 1,099   430   1,108   441  
Less reinsurance recoverable at original discount rate ( 67 ) ( 25 ) ( 92 ) ( 25 )
Less effect of discount rate assumption changes on reinsurance recoverable ( 8 ) ( 4 ) ( 10 ) ( 5 )
Net life policy reserves, after reinsurance recoverable $ 1,024   $ 401   $ 1,006   $ 411  

Weighted-average duration of the net life policy reserves in years 11 15 11 16

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(Dollars in millions) Nine months ended September 30,
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 ( 4 ) —   ( 13 ) —  
Effect of actual variances from expected experience ( 14 ) —   ( 23 ) ( 3 )
Adjusted beginning of period balance 1,701   228   1,676   222  
Issuances 120   14   110   20  
Interest accrual 57   7   56   7  
Net premiums collected ( 140 ) ( 21 ) ( 137 ) ( 22 )
Ending balance at original discount rate 1,738   228   1,705   227  
Effect of changes in discount rate assumptions ( 27 ) ( 3 ) 3   —  
Balance, end of period 1,711   225   1,708   227  

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 ( 12 ) ( 1 ) ( 30 ) —  
Effect of actual variances from expected experience ( 22 ) —   ( 35 ) ( 5 )
Adjusted beginning of period balance 2,778   645   2,700   623  
Issuances 120   14   110   20  
Interest accrual 96   25   94   24  
Benefits paid ( 150 ) ( 27 ) ( 122 ) ( 26 )
Ending balance at original discount rate 2,844   657   2,782   641  
Effect of changes in discount rate assumptions ( 52 ) ( 3 ) 12   27  
Balance, end of period 2,792   654   2,794   668  

Net liability for future policy benefits:
Present value of expected future policy benefits less expected net premiums 1,081   429   1,086   441  
Impact of flooring at cohort level 18   1   22   —  
Net life policy reserves 1,099   430   1,108   441  
Less reinsurance recoverable at original discount rate ( 67 ) ( 25 ) ( 92 ) ( 25 )
Less effect of discount rate assumption changes on reinsurance recoverable ( 8 ) ( 4 ) ( 10 ) ( 5 )
Net life policy reserves, after reinsurance recoverable $ 1,024   $ 401   $ 1,006   $ 411  

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 $ 2 million and $ 3 million at September 30, 2025 and 2024, respectively.

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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 September 30,
2025 2024
Undiscounted Discounted Undiscounted Discounted
Term
Expected future benefit payments $ 4,996   $ 2,792   $ 4,840   $ 2,794  
Expected future gross premiums 4,675   2,764   4,524   2,736  
Whole life
Expected future benefit payments $ 1,729   $ 654   $ 1,702   $ 668  
Expected future gross premiums 698   427   687   428  

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 September 30, Nine months ended September 30,
2025 2024 2025 2024
Gross premiums
Term $ 76   $ 72   $ 227   $ 221  
Whole life 14   15   41   41  

Total $ 90   $ 87   $ 268   $ 262  
Interest accretion
Term $ 13   $ 12   $ 39   $ 38  
Whole life 6   6   18   17  

Total $ 19   $ 18   $ 57   $ 55  

Adverse development that resulted in an immediate charge to income due to net premiums exceeding gross premiums was immaterial for the nine months ended September 30, 2025, and 2024 .

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

At September 30,
2025 2024
Term
Interest accretion rate 5.22   % 5.21   %
Current discount rate 4.78   4.53  
Whole life
Interest accretion rate 5.85   % 5.89   %
Current discount rate 5.51   5.14  

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

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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 September 30, Nine months ended September 30,
2025 2024 2025 2024
Deferred annuity Universal life Deferred annuity Universal life Deferred annuity Universal life Deferred annuity Universal life
Balance, beginning of period $ 575   $ 454   $ 618   $ 456   $ 595   $ 456   $ 656   $ 457  
Premiums received 7   8   10   9   19   27   29   28  
Policy charges —   ( 10 ) —   ( 10 ) —   ( 30 ) —   ( 30 )
Surrenders and withdrawals ( 15 ) ( 3 ) ( 25 ) ( 2 ) ( 50 ) ( 9 ) ( 88 ) ( 9 )
Benefit payments ( 7 ) ( 1 ) ( 4 ) ( 1 ) ( 15 ) ( 6 ) ( 9 ) ( 4 )
Interest credited 5   5   6   4   16   15   17   14  

Balance, end of period $ 565   $ 453   $ 605   $ 456   $ 565   $ 453   $ 605   $ 456  

Weighted average crediting rate 3.71   % 4.43   % 3.64   % 4.36   % 3.71   % 4.43   % 3.64   % 4.36   %
Net amount at risk $ —   $ 3,719   $ —   $ 3,865   $ —   $ 3,719   $ —   $ 3,865  
Cash surrender value 559   426   599   426   559   426   599   426  

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 September 30, 2025
Deferred annuity
1.00-3.00% $ 63   $ 205   $ 14   $ 237   $ 519  
3.01-4.00% 46   —   —   —   46  

Total $ 109   $ 205   $ 14   $ 237   $ 565  
Universal life
1.00-3.00% $ —   $ 54   $ 57   $ 15   $ 126  
3.01-4.00% 51   —   4   —   55  
Greater than 4.00% 272   —   —   —   272  
Total $ 323   $ 54   $ 61   $ 15   $ 453  

At September 30, 2024
Deferred annuity
1.00-3.00% $ 4   $ 309   $ 14   $ 231   $ 558  
3.01-4.00% 47   —   —   —   47  

Total $ 51   $ 309   $ 14   $ 231   $ 605  
Universal life
1.00-3.00% $ —   $ 55   $ 64   $ 5   $ 124  
3.01-4.00% 50   —   4   —   54  
Greater than 4.00% 278   —   —   —   278  
Total $ 328   $ 55   $ 68   $ 5   $ 456  

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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 September 30, Nine months ended September 30,
2025 2024 2025 2024
Balance, beginning of period $ 132   $ 128   $ 130   $ 128  

Balance, beginning of period before shadow reserve adjustments 133   130   131   129  
Effect of changes in cash flow assumptions ( 1 ) —   ( 1 ) ( 2 )
Effect of actual variances from expected experience 1   —   3   —  
Adjusted beginning of period balance 133   130   133   127  
Interest accrual 1   1   3   3  
Excess death benefits ( 2 ) ( 2 ) ( 11 ) ( 5 )
Attributed assessments 3   3   9   9  

Effect of changes in interest rate assumptions 1   3   2   1  
Balance, end of period before shadow reserve adjustments 136   135   136   135  
Shadow reserve adjustments ( 1 ) ( 1 ) ( 1 ) ( 1 )
Balance, end of period 135   134   135   134  
Less reinsurance recoverable, end of period 6   6   6   6  

Net other additional liability, after reinsurance recoverable $ 141   $ 140   $ 141   $ 140  

Weighted-average duration of the other additional liability in years 26 29 26 29

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

(Dollars in millions) Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
Balance, beginning of period $ 991   $ 948   $ 952   $ 925  
Interest credited before policy charges 12   10   34   31  

Benefit payments ( 1 ) —   ( 9 ) ( 3 )

Other ( 31 ) ( 15 ) ( 6 ) ( 10 )
Balance, end of period $ 971   $ 943   $ 971   $ 943  

Cash surrender value $ 969   $ 941   $ 969   $ 941  

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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 September 30, Nine months ended September 30,
2025 2024 2025 2024
Property casualty:
Deferred policy acquisition costs asset, beginning of period $ 1,005   $ 878   $ 886   $ 749  
Capitalized deferred policy acquisition costs 458   436   1,456   1,318  
Amortized deferred policy acquisition costs ( 469 ) ( 427 ) ( 1,348 ) ( 1,180 )
Deferred policy acquisition costs asset, end of period $ 994   $ 887   $ 994   $ 887  

Life:
Deferred policy acquisition costs asset, beginning of period $ 362   $ 351   $ 356   $ 344  
Capitalized deferred policy acquisition costs 11   11   33   33  
Amortized deferred policy acquisition costs ( 7 ) ( 8 ) ( 23 ) ( 23 )

Deferred policy acquisition costs asset, end of period $ 366   $ 354   $ 366   $ 354  

Consolidated:
Deferred policy acquisition costs asset, beginning of period $ 1,367   $ 1,229   $ 1,242   $ 1,093  
Capitalized deferred policy acquisition costs 469   447   1,489   1,351  
Amortized deferred policy acquisition costs ( 476 ) ( 435 ) ( 1,371 ) ( 1,203 )

Deferred policy acquisition costs asset, end of period $ 1,360   $ 1,241   $ 1,360   $ 1,241  

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

(Dollars in millions)
Three months ended September 30, 2025 Term Whole life Deferred annuity Universal life Total
Balance, beginning of period $ 251   $ 53   $ 7   $ 51   $ 362  
Capitalized deferred policy acquisition costs 9   1   1   —   11  
Amortized deferred policy acquisition costs ( 6 ) —   —   ( 1 ) ( 7 )
Balance, end of period $ 254   $ 54   $ 8   $ 50   $ 366  

Three months ended September 30, 2024
Balance, beginning of period $ 241   $ 50   $ 8   $ 52   $ 351  
Capitalized deferred policy acquisition costs 9   1   —   1   11  
Amortized deferred policy acquisition costs ( 7 ) —   —   ( 1 ) ( 8 )
Balance, end of period $ 243   $ 51   $ 8   $ 52   $ 354  

(Dollars in millions)
Nine months ended September 30, 2025 Term Whole life Deferred annuity Universal life Total
Balance, beginning of period $ 245   $ 52   $ 8   $ 51   $ 356  
Capitalized deferred policy acquisition costs 27   4   1   1   33  
Amortized deferred policy acquisition costs ( 18 ) ( 2 ) ( 1 ) ( 2 ) ( 23 )
Balance, end of period $ 254   $ 54   $ 8   $ 50   $ 366  

Nine months ended September 30, 2024
Balance, beginning of period $ 236   $ 48   $ 8   $ 52   $ 344  
Capitalized deferred policy acquisition costs 25   5   1   2   33  
Amortized deferred policy acquisition costs ( 18 ) ( 2 ) ( 1 ) ( 2 ) ( 23 )
Balance, end of period $ 243   $ 51   $ 8   $ 52   $ 354  

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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 September 30,
2025 2024
Before tax Income tax Net Before tax Income tax Net
Investments:
AOCI, beginning of period $ ( 458 ) $ ( 99 ) $ ( 359 ) $ ( 700 ) $ ( 151 ) $ ( 549 )

OCI before investment gains and losses, net, recognized in net income 242   51   191   411   88   323  
Investment gains and losses, net, recognized in net income ( 1 ) —   ( 1 ) 86   18   68  
OCI 241   51   190   497   106   391  
AOCI, end of period $ ( 217 ) $ ( 48 ) $ ( 169 ) $ ( 203 ) $ ( 45 ) $ ( 158 )

Pension obligations:
AOCI, beginning of period $ 73   $ 17   $ 56   $ 31   $ 8   $ 23  
OCI excluding amortization recognized in net income —   —   —   —   —   —  
Amortization recognized in net income —   —   —   —   —   —  
OCI —   —   —   —   —   —  
AOCI, end of period $ 73   $ 17   $ 56   $ 31   $ 8   $ 23  

Life policy reserves, reinsurance recoverable and other:
AOCI, beginning of period $ 69   $ 15   $ 54   $ 71   $ 15   $ 56  

OCI before investment gains and losses, net, recognized in net income ( 32 ) ( 7 ) ( 25 ) ( 91 ) ( 20 ) ( 71 )
Investment gains and losses, net, recognized in net income —   —   —   —   —   —  
OCI ( 32 ) ( 7 ) ( 25 ) ( 91 ) ( 20 ) ( 71 )
AOCI, end of period $ 37   $ 8   $ 29   $ ( 20 ) $ ( 5 ) $ ( 15 )

Summary of AOCI:
AOCI, beginning of period $ ( 316 ) $ ( 67 ) $ ( 249 ) $ ( 598 ) $ ( 128 ) $ ( 470 )

Investments OCI 241   51   190   497   106   391  
Pension obligations OCI —   —   —   —   —   —  
Life policy reserves, reinsurance recoverable and other OCI ( 32 ) ( 7 ) ( 25 ) ( 91 ) ( 20 ) ( 71 )
Total OCI 209   44   165   406   86   320  
AOCI, end of period $ ( 107 ) $ ( 23 ) $ ( 84 ) $ ( 192 ) $ ( 42 ) $ ( 150 )

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(Dollars in millions) Nine months ended September 30,
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 323   68   255   253   54   199  
Investment gains and losses, net, recognized in net income 13   3   10   114   24   90  
OCI 336   71   265   367   78   289  
AOCI, end of period $ ( 217 ) $ ( 48 ) $ ( 169 ) $ ( 203 ) $ ( 45 ) $ ( 158 )

Pension obligations:
AOCI, beginning of period $ 75   $ 17   $ 58   $ 30   $ 8   $ 22  
OCI excluding amortization recognized in net income —   —   —   —   —   —  
Amortization recognized in net income ( 2 ) —   ( 2 ) 1   —   1  
OCI ( 2 ) —   ( 2 ) 1   —   1  
AOCI, end of period $ 73   $ 17   $ 56   $ 31   $ 8   $ 23  

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 ( 48 ) ( 10 ) ( 38 ) ( 7 ) ( 2 ) ( 5 )
Investment gains and losses, net, recognized in net income —   —   —   —   —   —  
OCI ( 48 ) ( 10 ) ( 38 ) ( 7 ) ( 2 ) ( 5 )
AOCI, end of period $ 37   $ 8   $ 29   $ ( 20 ) $ ( 5 ) $ ( 15 )

Summary of AOCI:
AOCI, beginning of period $ ( 393 ) $ ( 84 ) $ ( 309 ) $ ( 553 ) $ ( 118 ) $ ( 435 )

Investments OCI 336   71   265   367   78   289  
Pension obligations OCI ( 2 ) —   ( 2 ) 1   —   1  
Life policy reserves, reinsurance recoverable and other OCI ( 48 ) ( 10 ) ( 38 ) ( 7 ) ( 2 ) ( 5 )
Total OCI 286   61   225   361   76   285  
AOCI, end of period $ ( 107 ) $ ( 23 ) $ ( 84 ) $ ( 192 ) $ ( 42 ) $ ( 150 )

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.
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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 September 30, Nine months ended September 30,
2025 2024 2025 2024
Direct written premiums $ 2,482   $ 2,285   $ 7,542   $ 6,772  
Assumed written premiums 98   102   597   577  
Ceded written premiums ( 87 ) ( 94 ) ( 418 ) ( 349 )
Net written premiums $ 2,493   $ 2,293   $ 7,721   $ 7,000  

Direct earned premiums $ 2,440   $ 2,179   $ 7,020   $ 6,128  
Assumed earned premiums 162   159   514   466  
Ceded earned premiums ( 118 ) ( 121 ) ( 389 ) ( 310 )
Earned premiums $ 2,484   $ 2,217   $ 7,145   $ 6,284  

Direct incurred loss and loss expenses $ 1,408   $ 1,415   $ 5,065   $ 3,960  
Assumed incurred loss and loss expenses 78   103   405   242  
Ceded incurred loss and loss expenses ( 22 ) ( 19 ) ( 532 ) ( 21 )
Incurred loss and loss expenses $ 1,464   $ 1,499   $ 4,938   $ 4,181  

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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 September 30, Nine months ended September 30,
2025 2024 2025 2024
Direct earned premiums $ 104   $ 101   $ 307   $ 301  

Ceded earned premiums ( 21 ) ( 21 ) ( 61 ) ( 61 )
Earned premiums $ 83   $ 80   $ 246   $ 240  

Direct contract holders' benefits incurred $ 91   $ 92   $ 289   $ 262  

Ceded contract holders' benefits incurred ( 15 ) ( 13 ) ( 59 ) ( 36 )
Contract holders' benefits incurred $ 76   $ 79   $ 230   $ 226  

 
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 September 30, 2025, and December 31, 2024. The allowances for credit losses on other premiums receivable and reinsurance recoverable assets were immaterial at September 30, 2025, and December 31, 2024.
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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 September 30, Nine months ended September 30,
2025 2024 2025 2024
Tax at statutory rate: $ 296   21.0   % $ 219   21.0   % $ 449   21.0   % $ 500   21.0   %
Increase (decrease) resulting from:                
Tax-exempt income from municipal bonds ( 6 ) ( 0.4 ) ( 5 ) ( 0.5 ) ( 17 ) ( 0.8 ) ( 16 ) ( 0.7 )
Dividend received exclusion ( 5 ) ( 0.4 ) ( 6 ) ( 0.6 ) ( 16 ) ( 0.7 ) ( 16 ) ( 0.7 )

Other 6   0.4   12   1.3   7   0.3   24   1.1  
Provision for income taxes $ 291   20.6   % $ 220   21.2   % $ 423   19.8   % $ 492   20.7   %

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

The One Big Beautiful Bill Act (the “Tax Act”) was enacted on July 4, 2025, and makes permanent several provisions from the 2017 Tax Cuts and Jobs Act. Applicable impacts of the Tax Act have been reflected in the tax provision
at September 30, 2025, and do not have a material impact on our consolidated financial statements.

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 September 30, 2025, and December 31, 2024.

Cincinnati Global
Cincinnati Global had no operating loss carryforwards in the United States and $ 50 million and $ 78  million in the United Kingdom at September 30, 2025, and December 31, 2024, respectively. These Cincinnati Global losses can only be utilized within the Cincinnati Global group.

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NOTE 10 – Net Income 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 September 30, Nine months ended September 30,
2025 2024 2025 2024
Numerator:        
Net income—basic and diluted
$ 1,122   $ 820   $ 1,717   $ 1,887  
Denominator:        
Basic weighted-average common shares outstanding 156.1   156.2   156.3   156.5  
Effect of share-based awards:        
Stock options 1.1   0.9   1.0   0.7  
Nonvested shares 0.6   0.6   0.5   0.5  
Diluted weighted-average shares 157.8   157.7   157.8   157.7  
Earnings per share:        
Basic $ 7.19   $ 5.25   $ 10.99   $ 12.06  
Diluted $ 7.11   $ 5.20   $ 10.88   $ 11.97  
Number of anti-dilutive share-based awards 0.3   0.6   0.4   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 and nine months ended September 30, 2025 and 2024.

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 September 30, Nine months ended September 30,
2025 2024 2025 2024
Service cost $ 2   $ 1   $ 4   $ 4  
Non-service (benefit) costs:
Interest cost 3   4   10   10  
Expected return on plan assets ( 6 ) ( 5 ) ( 17 ) ( 16 )
Amortization of actuarial (gain) loss and prior service cost —   —   ( 2 ) 1  

 Total non-service benefit ( 3 ) ( 1 ) ( 9 ) ( 5 )
Net periodic benefit $ ( 1 ) $ —   $ ( 5 ) $ ( 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 $ 7  million to our 401(k) and Top Hat savings plans during both the third quarter of 2025 and 2024 and contributions of $ 26 million and $ 23 million for the first nine months of 2025 and 2024, respectively.

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

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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 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 inco me taxes, including its components, an d identifiable assets for each of the  five  segments.

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Segment information is summarized in the following table: 

(Dollars in millions) Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024

Commercial lines insurance        

Commercial lines insurance premiums $ 1,229   $ 1,137   $ 3,620   $ 3,326  
Fee revenues 2   1   4   3  
Total commercial lines insurance revenues 1,231   1,138   3,624   3,329  
Loss and loss expenses 747   706   2,249   2,171  
Underwriting expenses 373   351   1,080   1,028  
Total commercial lines income before income taxes 111   81   295   130  

Personal lines insurance      

Personal lines insurance premiums 838   678   2,340   1,897  
Fee revenues 1   2   4   4  
Total personal lines insurance revenues 839   680   2,344   1,901  
Loss and loss expenses 507   553   1,951   1,421  
Underwriting expenses 233   196   665   554  
Total personal lines income (loss) before income taxes 99   ( 69 ) ( 272 ) ( 74 )

Excess and surplus lines insurance
Excess and surplus lines insurance premiums 174   157   510   447  
Fee revenues 1   —   3   2  
Total excess and surplus lines insurance revenues 175   157   513   449  
Loss and loss expenses 108   107   317   299  
Underwriting expenses 48   42   141   122  
Total excess and surplus lines income before income taxes 19   8   55   28  

Life insurance
Life insurance premiums 83   80   246   240  
Fee revenues 1   1   4   4  
Total life insurance revenues 84   81   250   244  
Contract holders' benefits incurred 76 79   230   226  
Investment interest credited to contract holders ( 32 ) ( 32 ) ( 95 ) ( 94 )
Underwriting expenses incurred 23 24   70   70  
Total life insurance income before income taxes 17   10   45   42  

Investments
    Investment income, net of expenses 295   258   860   745  
    Investment gains and losses, net 853   758   1,259   1,507  
Total investment revenue 1,148   1,016   2,119   2,252  
Investment interest credited to contract holders 32   32   95   94  
Total investment income before income taxes 1,116   984   2,024   2,158  

Reconciliation to condensed consolidated income before income taxes
Total segment revenues 3,477   3,072   8,850   8,175  
Other earned premiums 243   245   675   614  
Other revenues 6   3   15   10  
Total revenues 3,726   3,320   9,540   8,799  
Total segment benefits and expenses 2,115   2,058   6,703   5,891  
Other loss and loss expenses 102   133   421   290  
Other underwriting expenses 77   70   209   180  
Other benefits and expenses 19   19   67   59  
Total benefits and expenses 2,313   2,280   7,400   6,420  
Total income before income taxes $ 1,413   $ 1,040   $ 2,140   $ 2,379  

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Identifiable assets by segment are summarized in the following table:

(Dollars in millions) September 30, December 31,
2025 2024
Identifiable assets:
Property casualty insurance $ 7,078   $ 5,927  
Life insurance 1,689   1,658  
Investments 30,575   27,887  
Other 1,225   1,029  
Total $ 40,567   $ 36,501  

Item 2.    Management’s Discussion and Analysis of Financial Condition and
        Results of Operations
The following discussion highlights significant factors influencing the condensed consolidated results of operations and financial position of Cincinnati Financial Corporation. It should be read in conjunction with the consolidated financial statements and related notes included in our 2024 Annual Report on Form 10-K. Unless otherwise noted, the industry data is prepared by A.M. Best Co., a leading insurance industry statistical, analytical and financial strength rating organization. Information from A.M. Best is presented on a statutory basis for insurance company regulation in the United States of America. When we provide our results on a comparable statutory basis, we label it as such; all other company data is presented in accordance with accounting principles generally accepted in the United States of America (GAAP).
 
We present per share data on a diluted basis unless otherwise noted, adjusting those amounts for all stock splits and dividends. Dollar amounts are rounded to millions; calculations of percent changes are based on dollar amounts rounded to the nearest million. Certain percentage changes are identified as not meaningful (nm).
 

SAFE HARBOR STATEMENT     
Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by forward-looking statements. Any forward-looking statements contained herein, are based upon our current estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words like “seek,” “expect,” “will,” “should,” “could,” “might,” “anticipate,” “believe,” “estimate,” “intend,” “likely,” “future,” or other similar expressions. Forward-looking statements speak only as of the date they were made; we assume no obligation to update such statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements include, but are not limited to:

Insurance-Related Risks
• Risks and uncertainties associated with our loss reserves or actual claim costs exceeding reserves
• Increased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuance
• Unusually high levels of catastrophe losses due to risk concentrations or changes in weather patterns, environmental events, war or political unrest, terrorism incidents, cyberattacks, civil unrest or other causes; and our ability to manage catastrophe risk
• Risks associated with analytical models in key areas such as underwriting, pricing, capital management, reserving, investments, reinsurance, and catastrophe risk management
• Inadequate estimates or assumptions, or reliance on third-party data used for critical accounting estimates
• Events or conditions that could weaken or harm our relationships with our independent agencies and hamper opportunities to add new agencies, resulting in limitations on our opportunities for growth
• Mergers, acquisitions, and other consolidations of agencies that result in a concentration of a significant amount of premium in one agency or agency group and/or alter our competitive advantages
• Our inability to manage business opportunities, growth prospects, and expenses for our ongoing operations
• Changing consumer insurance-buying habits
• The inability to obtain adequate ceded reinsurance on acceptable terms, for acceptable amounts, and from financially strong reinsurers; and the potential for nonpayment or delay in payment by reinsurers
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• Domestic and global events, such as the wars in Ukraine and in the Middle East, future pandemics, inflationary trends, changes in U.S. trade and tariff policy, and disruptions in the banking and financial services industry, resulting in insurance losses, capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to:
◦ Securities market disruption or volatility and related effects such as decreased economic activity and continued supply chain disruptions that affect our investment portfolio and book value
◦ Significant or prolonged decline in the fair value of securities and impairment of the assets
◦ Significant decline in investment income due to reduced or eliminated dividend payouts from securities
◦ Significant rise in losses from surety or director and officer policies written for financial institutions or other insured entities or in losses from policies written by Cincinnati Re or Cincinnati Global
◦ An unusually high level of claims in our insurance or reinsurance operations that increase litigation-related expenses
◦ Decreased premium revenue and cash flow from disruption to our distribution channel of independent agents, consumer self-isolation, travel limitations, business restrictions and decreased economic activity
◦ The inability of our workforce, agencies, or vendors to perform necessary business functions

Financial, Economic, and Investment Risks
• Declines in overall stock market values negatively affecting our equity portfolio and book value
• Downgrades in our financial strength ratings
• Interest rate fluctuations or other factors that could significantly affect:
◦ Our ability to generate growth in investment income
◦ Values of our fixed-maturity investments and accounts in which we hold bank-owned life insurance contract assets
◦ Our traditional life policy reserves
• Economic volatility and illiquidity associated with our alternative investments in private equity, private credit, real property, and limited partnerships
• Failure to comply with covenants and other requirements under our credit facilities, senior debt, and other debt obligations
• Recession, prolonged elevated inflation, or other economic conditions resulting in lower demand for insurance products or increased payment delinquencies
• The inability of our subsidiaries to pay dividends consistent with current or past levels impacting our ability to pay shareholder dividends or repurchase shares

General Business, Technology, and Operational Risks
• Ineffective information technology systems or failing to develop and implement improvements in technology
• Difficulties with technology or data security breaches, including cyberattacks, could negatively affect our, or our agents’, ability to conduct business; disrupt our relationships with agents, policyholders, and others; cause reputational damage, mitigation expenses, data loss, and expose us to liability
• Difficulties with our operations and technology that may negatively impact our ability to conduct business, including cloud-based data information storage, data security, remote working capabilities, and/or outsourcing relationships and third-party operations and data security
• Disruption of the insurance market caused by technology innovations - such as driverless cars - that could decrease consumer demand for insurance products
• Delays, inadequate data developed internally or from third parties, or performance inadequacies from ongoing development and implementation of underwriting and pricing models and methods, including usage-based insurance methods, automation, artificial intelligence, or technology projects and enhancements expected to increase our efficiency, pricing accuracy, underwriting profit, and competitiveness
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• Intense competition, and the impact of innovation, emerging technologies, artificial intelligence and changing customer preferences on the insurance industry and the markets in which we operate, could harm our ability to maintain or increase our business volumes and profitability
• Inability to defer policy acquisition costs for any business segment if pricing and loss trends would lead management to conclude that the segment could not achieve sustainable profitability
• Unforeseen departure of certain executive officers or other key employees that could interrupt progress toward important strategic goals or diminish the effectiveness of certain longstanding relationships with insurance agents and others
• Our inability, or the inability of our independent agents, to attract and retain personnel
• Events, such as a pandemic, an epidemic, natural catastrophe, or terrorism, which could hamper our ability to assemble our workforce, work effectively in a remote environment, or other failures of business continuity or disaster recovery programs

Regulatory, Compliance, and Legal Risks
• Actions of insurance departments, state attorneys general or other regulatory agencies, including a change to a federal system of regulation from a state-based system, that:
◦ Impose new obligations on us that increase our expenses or change the assumptions underlying our critical accounting estimates
◦ Place the insurance industry under greater regulatory scrutiny or result in new statutes, rules, and regulations
◦ Restrict our ability to exit or reduce writings of unprofitable coverages or lines of business
◦ Increase assessments for guaranty funds, other insurance‑related assessments, or mandatory reinsurance arrangements; or that impair our ability to recover such assessments through future surcharges or other rate changes
◦ Increase our provision for federal income taxes due to changes in tax laws, regulations, or interpretations
◦ Increase other expenses
◦ Limit our ability to set fair, adequate, and reasonable rates
◦ Restrict our ability to cancel policies
◦ Impose new underwriting standards
◦ Place us at a disadvantage in the marketplace
◦ Restrict our ability to execute our business model, including the way we compensate agents
• Adverse outcomes from litigation, environmental claims, mass torts or administrative proceedings, including effects of social inflation and third-party litigation funding on the size and frequency of litigation awards
• Events or actions, including unauthorized intentional circumvention of controls, which reduce our future ability to maintain effective internal control over financial reporting under the Sarbanes-Oxley Act of 2002
• Effects of changing social, global, economic, and regulatory environments
• Additional measures affecting corporate financial reporting and governance that can affect the market value of our common stock

Risks and uncertainties are further discussed in other filings with the Securities and Exchange Commission, including our 2024 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 30.
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CORPORATE FINANCIAL HIGHLIGHTS

Net Income and Comprehensive Income Data

(Dollars in millions, except per share data) Three months ended September 30, Nine months ended September 30,
2025 2024 % Change 2025 2024 % Change
Earned premiums $ 2,567   $ 2,297  12  $ 7,391   $ 6,524  13 
Investment income, net of expenses (pretax) 295   258  14  860   745  15 
Investment gains and losses, net (pretax) 853   758  13  1,259   1,507  (16)
Total revenues 3,726   3,320  12  9,540   8,799  8 
Net income 1,122   820  37  1,717   1,887  (9)
Comprehensive income 1,287   1,140  13  1,942   2,172  (11)
Net income per share—diluted 7.11   5.20  37  10.88   11.97  (9)
Cash dividends declared per share 0.87   0.81  7  2.61   2.43  7 
Diluted weighted average shares outstanding 157.8   157.7  0  157.8   157.7  0 

Total revenues increased $406 million for the third quarter of 2025, compared with the third quarter of 2024, including higher earned premiums, net investment gains and investment income. For the first nine months of 2025, compared with the same period of 2024, total revenues increased $741 million, primarily due to higher earned premiums and investment income offset by a decrease in net investment gains. Premium and investment revenue trends are discussed further in the respective sections of Financial Results.

Investment gains and losses are recognized on the sales of investments, on certain changes in fair values of securities even though we continue to hold the securities or as otherwise required by GAAP. We have substantial discretion in the timing of investment sales, and that timing generally is independent of the insurance underwriting process. The change in fair value of securities is also generally independent of the insurance underwriting process.

Net income for the third quarter of 2025, compared with the third quarter of 2024, increased $302 million, including increases of $77 million in after-tax net investment gains and losses, $182 million in after-tax property casualty underwriting profit and $30 million in after-tax investment income. Catastrophe losses for the third quarter of 2025, mostly weather related, were $152 million lower after taxes and contributed favorably to both net income and property casualty underwriting profit. Life insurance segment results increased by $7 million on a pretax basis.

For the first nine months of 2025, net income decreased $170 million, compared with the first nine months of 2024,
including decreases of $193 million in after-tax investment gains and losses and $83 million in after-tax property casualty underwriting income, partially offset by an increase of $92 million in after-tax investment income. The property casualty underwriting income decrease included an unfavorable $248 million after-tax effect from higher catastrophe losses. Life insurance segment results increased by $3 million on a pretax basis.

Performance by segment is discussed below in Financial Results. As discussed in our 2024 Annual Report on Form 10-K, Item 7, Executive Summary, Page 46, there are several reasons why our performance during 2025 may ultimately be below our long-term targets.
 
The board of directors is committed to rewarding shareholders directly through cash dividends and through share repurchase authorizations. Through 2024, the company had increased the annual cash dividend rate for 64 consecutive years, a record we believe is matched by only seven other U.S. publicly traded companies. In January 2025, the board of directors increased the regular quarterly dividend to 87 cents per share, setting the stage for our 65 th consecutive year of increasing cash dividends. During the first nine months of 2025, cash dividends declared by the company increased 7% compared with the same period of 2024. Our board regularly evaluates relevant factors in decisions related to dividends and share repurchases. The 2025 dividend increase reflected our strong operating performance and signaled management's and the board's positive outlook and confidence in our outstanding capital, liquidity and financial flexibility.

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Balance Sheet Data and Performance Measures

(Dollars in millions, except share data) At September 30, At December 31,
2025 2024
Total investments $ 31,099   $ 28,378 
Total assets 40,567   36,501 
Short-term debt 25   25 
Long-term debt 790   790 
Shareholders' equity 15,406   13,935 
Book value per share 98.76   89.11 
Debt-to-total-capital ratio 5.0   % 5.5  %

Total assets at September 30, 2025, increased 11% compared with year-end 2024, and included an increase of 10% in total investments that reflected net purchases and higher fair values for many securities in our equity portfolio. Shareholders' equity increased 11% and book value per share also increased 11% during the first nine months of 2025. Our debt-to-total-capital ratio (capital is the sum of debt plus shareholders' equity) decreased slightly compared with year-end 2024.

Our value creation ratio is our primary performance metric. As shown in the tables below, that ratio was 13.8% for the first nine months of 2025, compared with 17.8% for the same period in 2024. The decrease was primarily due to a reduction in overall net gains from our investment portfolio. Book value per share increased $9.65 during the first nine months of 2025 and contributed 10.9 percentage points to the value creation ratio, while dividends declared at $2.61 per share contributed 2.9 points. Value creation ratio major contributors and in total, along with calculations from per-share amounts, are shown in the tables below.

  Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
Value creation ratio major contributors:        
Net income before investment gains 3.1   % 1.7  % 5.2   % 5.8  %
Change in fixed-maturity securities, realized and unrealized gains 1.3   2.5  1.8   1.6 
Change in equity securities, investment gains 4.7   5.2  7.1   10.4 
Other (0.2) (0.4) (0.3) 0.0 
     Value creation ratio 8.9   % 9.0  % 13.8   % 17.8  %

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(Dollars are per share) Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
Value creation ratio:        
End of period book value* $ 98.76   $ 88.32  $ 98.76   $ 88.32 
Less beginning of period book value 91.46   81.79  89.11   77.06 
Change in book value 7.30   6.53  9.65   11.26 
Dividend declared to shareholders 0.87   0.81  2.61   2.43 
Total value creation $ 8.17   $ 7.34  $ 12.26   $ 13.69 

Value creation ratio from change in book value** 8.0   % 8.0  % 10.9   % 14.6  %
Value creation ratio from dividends declared to shareholders*** 0.9   1.0  2.9   3.2 
Value creation ratio 8.9   % 9.0  % 13.8   % 17.8  %

    * Book value per share is calculated by dividing end of period total shareholders' equity by end of period shares outstanding
  ** Change in book value divided by the beginning of period book value
*** Dividend declared to shareholders divided by beginning of period book value

DRIVERS OF LONG-TERM VALUE CREATION
Operating through The Cincinnati Insurance Company, Cincinnati Financial Corporation is one of the 25 largest property casualty insurers in the nation, based on 2024 net written premiums for approximately 2,000 U.S. stock and mutual insurer groups. We market our insurance products through a select group of independent insurance agencies as discussed in our 2024 Annual Report on Form 10-K, Item 1, Our Business and Our Strategy, Page 6. At September 30, 2025, we actively marketed through 2,275 agencies located in 46 states. We maintain a long-term perspective that guides us in addressing immediate challenges or opportunities while focusing on the major decisions that best position our company for success through all market cycles.

To measure our long-term progress in creating shareholder value, our value creation ratio is our primary financial performance target. As discussed in our 2024 Annual Report on Form 10-K, Item 7, Executive Summary, Page 46, management believes this measure is a meaningful indicator of our long-term progress in creating shareholder value and has three primary performance drivers:

• Premium growth – We believe our agency relationships and initiatives can lead to a property casualty written premium growth rate over any five-year period that exceeds the industry average. For the first nine months of 2025, our consolidated property casualty net written premium year-over-year growth was 10%, comparing favorably with the industry's 6% growth rate reported by A.M. Best for the first six months of 2025. For the five-year period 2020 through 2024, our growth rate exceeded that of the industry. The industry's growth rate excludes its mortgage and financial guaranty lines of business.
• Combined ratio – We believe our underwriting philosophy and initiatives can generate an average GAAP combined ratio over any five-year period that is consistently within the range of 92% to 98%. For the first nine months of 2025, our GAAP combined ratio was 98.4%, including 14.2 percentage points of current accident year catastrophe losses partially offset by 2.5 percentage points of favorable loss reserve development on prior accident years. Our statutory combined ratio was 97.7% for the first nine months of 2025, comparing unfavorably with the industry's 96.4% reported by A.M. Best for the first six months of 2025. The industry's ratio again excludes its mortgage and financial guaranty lines of business.
• Investment contribution – We believe our investment philosophy and initiatives can drive investment income growth and lead to a total return on our equity investment portfolio over a five-year period that exceeds the five-year return of the Standard & Poor's 500 Index. For the first nine months of 2025, pretax investment income was $860 million, up 15% compared with the same period in 2024. We believe our investment portfolio mix provides an appropriate balance of income stability and growth with capital appreciation potential.

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Financial Strength
An important part of our long-term strategy is financial strength, which is described in our 2024 Annual Report on Form 10-K, Item 1, Our Business and Our Strategy, Financial Strength, Page 8. One aspect of our financial strength is prudent use of reinsurance ceded to help manage financial performance variability due to catastrophe loss experience. A description of how we use reinsurance ceded is included in our 2024 Annual Report on Form 10-K, Item 7, Liquidity and Capital Resources, 2025 Reinsurance Ceded Programs, Page 105. Another aspect of our financial strength is our investment portfolio, which remains well-diversified as discussed in this quarterly report in Item 3, Quantitative and Qualitative Disclosures About Market Risk. Our strong parent-company liquidity and financial strength increase our flexibility to maintain a cash dividend through all periods and to continue to invest in and expand our insurance operations.

At September 30, 2025, we held $5.579 billion of our cash and cash equivalents and invested assets at the parent-company level, of which $5.052 billion, or 90.6%, was invested in common stocks, and $249 million, or 4.5%, was cash or cash equivalents. Our debt-to-total-capital ratio was 5.0% at September 30, 2025. Another important indicator of financial strength is our ratio of property casualty net written premiums to statutory surplus, which was 1.0-to-1 for the 12 months ended September 30, 2025, matching year-end 2024.

Financial strength ratings assigned to us by independent rating firms also are important. In addition to rating our parent company's senior debt, four firms award insurer financial strength ratings to one or more of our insurance subsidiary companies based on their quantitative and qualitative analyses. These ratings primarily assess an insurer's ability to meet financial obligations to policyholders and do not necessarily address all of the matters that may be important to investors. Ratings are under continuous review and subject to change or withdrawal at any time by the rating agency. Each rating should be evaluated independently of any other rating; please see each rating agency's website for its most recent report on our ratings.

At October 24, 2025, our insurance subsidiaries continued to be highly rated.

Insurer Financial Strength Ratings
Rating
agency Standard market property casualty insurance subsidiaries Life insurance
 subsidiary Excess and surplus lines insurance subsidiary Outlook
    Rating
tier   Rating
tier   Rating
tier  
A.M. Best Co.
  ambest.com
A+ Superior 2 of 16 A+ Superior 2 of 16 A+ Superior 2 of 16 Stable
Fitch Ratings
  fitchratings.com
AA- Very Strong 4 of 21 AA- Very Strong 4 of 21 - - - Stable
Moody's Investors  Service
  moodys.com
A1 Good 5 of 21 - - - - - - Stable
S&P Global  Ratings
  spratings.com
A+ Strong 5 of 21 A+ Strong 5 of 21 - - - Stable

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CONSOLIDATED PROPERTY CASUALTY INSURANCE HIGHLIGHTS
Consolidated property casualty insurance results include premiums and expenses for our standard market insurance segments (commercial lines and personal lines), our excess and surplus lines segment, Cincinnati Re ® and our London-based global specialty underwriter Cincinnati Global Underwriting Ltd. SM (Cincinnati Global).

(Dollars in millions) Three months ended September 30, Nine months ended September 30,
2025 2024 % Change 2025 2024 % Change
Earned premiums $ 2,484 $ 2,217 12  $ 7,145 $ 6,284 14 
Fee revenues 4 3 33  11 9 22 
Total revenues 2,488 2,220 12  7,156 6,293 14 
Loss and loss expenses from:            
Current accident year before catastrophe losses 1,375 1,264 9  4,099 3,683 11 
Current accident year catastrophe losses 111 306 (64) 1,015 709 43 
Prior accident years before catastrophe losses (6) (53) 89  (113) (140) 19 
Prior accident years catastrophe losses (16) (18) 11  (63) (71) 11 
Loss and loss expenses 1,464 1,499 (2) 4,938 4,181 18 
Underwriting expenses 731 659 11  2,095 1,884 11 
Underwriting profit $ 293 $ 62 373  $ 123 $ 228 (46)

Ratios as a percent of earned premiums:     Pt. Change     Pt. Change
    Current accident year before catastrophe losses 55.4   % 57.0  % (1.6) 57.4   % 58.6  % (1.2)
    Current accident year catastrophe losses 4.4   13.8  (9.4) 14.2   11.2  3.0 
    Prior accident years before catastrophe losses (0.2) (2.4) 2.2  (1.6) (2.2) 0.6 
    Prior accident years catastrophe losses (0.7) (0.8) 0.1  (0.9) (1.1) 0.2 
Loss and loss expenses 58.9   67.6  (8.7) 69.1   66.5  2.6 
Underwriting expenses 29.3   29.8  (0.5) 29.3   30.0  (0.7)
Combined ratio 88.2   % 97.4  % (9.2) 98.4   % 96.5  % 1.9 

Combined ratio 88.2   % 97.4  % (9.2) 98.4   % 96.5  % 1.9 
Contribution from catastrophe losses and prior years reserve development 3.5   10.6  (7.1) 11.7   7.9  3.8 
Combined ratio before catastrophe losses and prior years reserve development 84.7   % 86.8  % (2.1) 86.7   % 88.6  % (1.9)

 
Our consolidated property casualty insurance operations generated an underwriting profit of $293 million for the third quarter and $123 million for the first nine months of 2025. The third-quarter 2025 underwriting profit increase of $231 million, compared with third-quarter 2024, included a favorable decrease of $193 million in losses from catastrophes, mostly caused by severe weather, partially offset by a lower amount of total favorable reserve development on prior accident years. The change in underwriting profitability for the third quarter of 2025 also included a favorable effect from higher current accident year loss and loss expenses before catastrophe losses that grew slower than earned premiums. The nine-month underwriting profit of $123 million, compared with an underwriting profit of $228 million for the first nine months of 2024, included an unfavorable increase of $306 million in current accident year catastrophe losses, mostly caused by the January 2025 wildfires in southern California, and a lower amount of total favorable reserve development on prior accident years. For the first nine months of 2025, the combined ratio before catastrophe losses and prior years reserve development improved by 1.9 percentage points compared with the same period of 2024.

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Underwriting results for the third quarter and first nine months of 2025 included improved current accident year loss experience before catastrophe losses, as price increases have helped to offset recent-year elevated paid losses reflecting economic or other forms of inflation. Elevated inflation was a driver of higher losses and loss expenses in recent years as costs have increased significantly to repair damaged autos or other property that we insure. We also experienced higher losses for liability coverages for some of our lines of business. Due to increased uncertainty regarding ultimate losses, we intend to remain prudent in reserving for estimated ultimate losses until longer-term loss cost trends become more clear. The higher loss experience is discussed in Financial Results by property casualty insurance segment. We believe future property casualty underwriting results will continue to benefit from price increases and our ongoing initiatives to improve pricing precision and loss experience related to claims and loss control practices.
For all property casualty lines of business in aggregate, net loss and loss expense reserves at September 30, 2025, were $1.076 billion, or 11%, higher than at year-end 2024, including an increase of $900 million for the incurred but not reported (IBNR) portion.

We measure and analyze property casualty underwriting results primarily by the combined ratio and its component ratios. The GAAP-basis combined ratio is the percentage of incurred losses plus all expenses per each earned premium dollar – the lower the ratio, the better the performance. An underwriting profit results when the combined ratio is below 100%. A combined ratio above 100% indicates that an insurance company's losses and expenses exceeded premiums.

Our consolidated property casualty combined ratio for the third quarter of 2025 decreased by 9.2 percentage points, compared with the same period of 2024, including a decrease of 9.3 points from catastrophe losses and loss expenses. For the first nine months of 2025, compared with the 2024 nine-month period, our combined ratio increased by 1.9 percentage points, including an increase of 3.2 points from catastrophe losses and loss expenses. Other combined ratio components that changed are discussed below and in further detail in Financial Results by property casualty insurance segment.

The combined ratio can be affected significantly by natural catastrophe losses and other large losses as discussed in detail below. The combined ratio can also be affected by updated estimates of loss and loss expense reserves established for claims that occurred in prior periods, referred to as prior accident years. Net favorable development on prior accident year reserves, including reserves for catastrophe losses, benefited the combined ratio by 2.5 percentage points in the first nine months of 2025, compared with 3.3 percentage points in the same period of 2024. Net favorable development is discussed in further detail in Financial Results by property casualty insurance segment.
 
The ratio for current accident year loss and loss expenses before catastrophe losses improved in the first nine months of 2025. That 57.4% ratio was 1.2 percentage points lower, compared with the 58.6% accident year 2024 ratio measured as of September 30, 2024, including an increase of 0.2 points in the ratio for large losses of $2 million or more per claim, discussed below. The ratio improvement of 1.2 percentage points included an increase of 1.0 points for the IBNR portion and a decrease of 2.2 points for the case incurred portion. It also included an unfavorable 0.4 points for the net effect of $49 million for reinsurance treaty reinstatement premiums related to the January 2025 wildfires in southern California.
 
The underwriting expense ratio decreased for the third quarter and first nine months of 2025, compared with the same periods a year ago. The decreases were primarily due to premium growth outpacing growth in various expenses. The nine-month 2025 ratio also included an unfavorable 0.2 points for the effect of reinstatement premiums. The ratio for both periods also included ongoing expense management efforts.
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Consolidated Property Casualty Insurance Premiums

(Dollars in millions) Three months ended September 30, Nine months ended September 30,
2025 2024 % Change 2025 2024 % Change
Agency renewal written premiums $ 2,037   $ 1,795  13  $ 6,084   $ 5,321  14 
Agency new business written premiums 356   406  (12) 1,143   1,159  (1)

Other written premiums 100   92  9  494   520  (5)
Net written premiums 2,493   2,293  9  7,721   7,000  10 
Unearned premium change (9) (76) 88  (576) (716) 20 
Earned premiums $ 2,484   $ 2,217  12  $ 7,145   $ 6,284  14 

 
The trends in net written premiums and earned premiums summarized in the table above include the effects of price increases. Price change trends that heavily influence renewal written premium increases or decreases, along with other premium growth drivers for 2025, are discussed in more detail by segment below in Financial Results.
 
Consolidated property casualty net written premiums for the third quarter and nine months ended September 30, 2025, grew $200 million and $721 million compared with the same periods of 2024. Our premium growth initiatives from prior years have provided an ongoing favorable effect on growth during the current year, particularly as newer agency relationships mature over time.

Consolidated property casualty agency new business written premiums decreased by $50 million for the third quarter and $16 million for the first nine months of 2025, compared with the same periods of 2024, largely driven by the personal lines segment. Consolidated property casualty new business written premiums for third-quarter 2025 decreased 12% compared with a 30% increase in the third quarter of 2024. New agency appointments during 2025 and 2024 produced a $72 million increase in standard lines new business for the first nine months of 2025 compared with the same period of 2024. As we appoint new agencies that choose to move accounts to us, we report these accounts as new business. While this business is new to us, in many cases it is not new to the agent. We believe these seasoned accounts tend to be priced more accurately than business that may be less familiar to our agent upon obtaining it from a competing agent.

Net written premiums for Cincinnati Re, included in other written premiums, decreased by $2 million in the third quarter and increased $7 million for the nine months ended September 30, 2025, compared with the same periods of 2024, to $87 million and $505 million, respectively. Cincinnati Re assumes risks through reinsurance treaties and in some cases cedes part of the risk and related premiums to one or more unaffiliated reinsurance companies through transactions known as retrocessions.
 
Cincinnati Global is also included in other written premiums. Net written premiums for Cincinnati Global increased by $5 million in the third quarter and $29 million for the nine months ended September 30, 2025, to $82 million and $255 million, respectively, compared with the same periods of 2024.

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Other written premiums include premiums ceded to reinsurers as part of our reinsurance ceded program. A decrease in ceded premiums increased net written premiums by $6 million for the third quarter and an increase in ceded premiums decreased net written premiums by $69 million for the first nine months of 2025, compared with the same periods of 2024. Other written premiums for the first nine months of 2025 included a net unfavorable amount of $49 million for reinsurance treaty reinstatement premiums related to the California wildfires, including a favorable $14 million for Cincinnati Re and an unfavorable $63 million for our personal lines insurance segment.

Catastrophe losses and loss expenses typically have a material effect on property casualty results and can vary significantly from period to period. Losses from catastrophes contributed 3.7 and 13.3 percentage points to the combined ratio in the third quarter and first nine months of 2025, compared with 13.0 and 10.1 percentage points in the same periods of 2024. During the third quarter of 2025, there were no material changes to our estimates of ultimate losses related to the California wildfires.

Net losses from catastrophes for the first nine months of 2025 included recoveries from reinsurers that participate in our primary property catastrophe reinsurance treaty. There were no material changes during the third quarter to the estimated recovery of $429 million as of March 31, 2025, related to the California wildfires.

Effective July 1, 2025, we purchased an additional layer on our property catastrophe reinsurance treaty with a limit of $300 million, increasing the total limit from $1.500 billion to $1.800 billion. We retain 57.2% of losses between $1.500 billion and $1.800 billion. The provisions of this additional layer are similar to those included in the other layers. The annual ceded premiums for this additional coverage are estimated to be less than $5 million.

Effective June 1, 2025, we renewed the reinsurance program for Cincinnati Re only, which provides retrocession coverages with various triggers, exclusions and unique features. The program includes property catastrophe excess of loss coverage in excess of $90 million per occurrence with a total available limit of $73 million per occurrence. Ceded premiums for the one-year renewal period of coverage from the program are estimated to be approximately $16 million. There were no material changes during the third quarter to the estimated recovery of $38 million as of March 31, 2025, related to the California wildfires for the Cincinnati Re only program effective June 1, 2024, which expired during the second quarter.

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The following table shows consolidated property casualty insurance catastrophe losses and loss expenses incurred, net of reinsurance, as well as the effect of loss development on prior period catastrophe events. We individually list declared catastrophe events for which our incurred losses reached or exceeded $25 million.

Consolidated Property Casualty Insurance Catastrophe Losses and Loss Expenses Incurred

(Dollars in millions, net of reinsurance) Three months ended September 30, Nine months ended September 30,
    Comm. Pers. E&S   Comm. Pers. E&S  
Dates Region lines lines lines Other Total lines lines lines Other Total
2025          
Jan. 7-28 West $ —   $ 1   $ —   $ —   $ 1   $ —   $ 325   $ —   $ 123   $ 448  
Mar. 14-17 Midwest, Northeast, South 4   7   —   —   11   52   96   1   2   151  
Apr. 1-7 Midwest, South (2) (7) —   —   (9) 17   34   —   —   51  
May 15-16 Midwest, Northeast 7   19   —   2   28   29   83   1   2   115  

All other 2025 catastrophes 28   48   —   4   80   83   157   2   8   250  
Development on 2024 and prior
 catastrophes (5) (8) —   (3) (16) (22) (34) (1) (6) (63)
Calendar year incurred total $ 32   $ 60   $ —   $ 3   $ 95   $ 159   $ 661   $ 3   $ 129   $ 952  

2024          

Mar. 12-17 Midwest, South $ (4) $ 4  $ —  $ —  $ —  $ 30  $ 32  $ —  $ —  $ 62 
Mar. 31 - Apr. 4 Midwest, Northeast, South (4) 2  —  —  (2) 10  24  —  —  34 
May 6-10 Midwest, South —  2  1  —  3  19  30  1  —  50 
May 25-26 Midwest, South 2  1  1  —  4  38  29  2  —  69 
Jul. 13 - 18 Midwest, Northeast 18  11  —  —  29  18  11  —  —  29 
Sep. 25 - 28 Midwest, South (Helene) 35  117  —  26  178  35  117  —  26  178 

All other 2024 catastrophes 18  49  —  27  94  101  153  3  30  287 
Development on 2023 and prior
catastrophes (5) (5) —  (8) (18) (20) (32) —  (19) (71)
Calendar year incurred total $ 60  $ 181  $ 2  $ 45  $ 288  $ 231  $ 364  $ 6  $ 37  $ 638 

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The following table includes data for losses incurred of $2 million or more per claim, net of reinsurance.
 
Consolidated Property Casualty Insurance Losses Incurred by Size

(Dollars in millions, net of reinsurance) Three months ended September 30, Nine months ended September 30,
2025 2024 % Change 2025 2024 % Change
Current accident year losses greater than $5 million $ 48   $ 18  167  $ 89   $ 49  82 
Current accident year losses $2 million - $5 million 35   51  (31) 95   101  (6)
Large loss prior accident year reserve development 49   19  158  132   56  136 
Total large losses incurred 132   88  50  316   206  53 
Losses incurred but not reported 158   185  (15) 650   601  8 
Other losses excluding catastrophe losses 831   711  17  2,260   2,129  6 
Catastrophe losses 83   282  (71) 921   621  48 
Total losses incurred $ 1,204   $ 1,266  (5) $ 4,147   $ 3,557  17 

Ratios as a percent of earned premiums:     Pt. Change     Pt. Change
Current accident year losses greater than $5 million 1.9   % 0.9  % 1.0  1.3   % 0.8  % 0.5 
Current accident year losses $2 million - $5 million 1.4   2.3  (0.9) 1.3   1.6  (0.3)
Large loss prior accident year reserve development 2.0   0.8  1.2  1.8   0.9  0.9 
Total large loss ratio 5.3   4.0  1.3  4.4   3.3  1.1 
Losses incurred but not reported 6.4   8.4  (2.0) 9.1   9.6  (0.5)
Other losses excluding catastrophe losses 33.4   32.0  1.4  31.6   33.8  (2.2)
Catastrophe losses 3.4   12.7  (9.3) 12.9   9.9  3.0 
Total loss ratio 48.5   % 57.1  % (8.6) 58.0   % 56.6  % 1.4 

 
We believe the inherent variability of aggregate loss experience for our portfolio of larger policies is greater than that of our portfolio of smaller policies, and we continue to monitor the variability in addition to general inflationary trends in loss costs. Our analysis continues to indicate no unexpected concentration of large losses and case reserve increases by risk category, geographic region, policy inception, agency or field marketing territory. The third-quarter 2025 property casualty total large losses incurred of $132 million, net of reinsurance, was higher than the $70 million quarterly average during full-year 2024 and the $88 million experienced for the third quarter of 2024. The ratio for these large losses was 1.3 percentage points higher compared with last year's third quarter. The third-quarter 2025 amount of total large losses incurred unfavorably contributed to the increase in the nine-month 2025 total large loss ratio, compared with 2024, in addition to a first-half 2025 ratio that was 1.1 points higher than the first half of 2024. We believe results for the three- and nine-month periods largely reflected normal fluctuations in loss patterns and normal variability in large case reserves for claims above $2 million. Losses by size are discussed in further detail in results of operations by property casualty insurance segment.

FINANCIAL RESULTS
Consolidated results reflect the operating results of each of our five segments along with the parent company, Cincinnati Re, Cincinnati Global and other activities reported as "Other." The five segments are:
• Commercial lines insurance
• Personal lines insurance
• Excess and surplus lines insurance
• Life insurance
• Investments

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COMMERCIAL LINES INSURANCE RESULTS

(Dollars in millions) Three months ended September 30, Nine months ended September 30,
2025 2024 % Change 2025 2024 % Change
Earned premiums $ 1,229   $ 1,137  8  $ 3,620   $ 3,326  9 
Fee revenues 2   1  100  4   3  33 
Total revenues 1,231   1,138  8  3,624   3,329  9 
Loss and loss expenses from:            
Current accident year before catastrophe losses 728   691  5  2,171   2,037  7 
Current accident year catastrophe losses 37   65  (43) 181   251  (28)
Prior accident years before catastrophe losses (13) (45) 71  (81) (97) 16 
Prior accident years catastrophe losses (5) (5) 0  (22) (20) (10)
Loss and loss expenses 747   706  6  2,249   2,171  4 
Underwriting expenses 373   351  6  1,080   1,028  5 
Underwriting profit $ 111   $ 81  37  $ 295   $ 130  127 

Ratios as a percent of earned premiums:     Pt. Change     Pt. Change
Current accident year before catastrophe losses 59.2   % 60.7  % (1.5) 60.0   % 61.3  % (1.3)
Current accident year catastrophe losses 3.0   5.8  (2.8) 5.0   7.5  (2.5)
Prior accident years before catastrophe losses (1.0) (4.0) 3.0  (2.2) (2.9) 0.7 
Prior accident years catastrophe losses (0.4) (0.4) 0.0  (0.6) (0.6) 0.0 
Loss and loss expenses 60.8   62.1  (1.3) 62.2   65.3  (3.1)
Underwriting expenses 30.3   30.9  (0.6) 29.8   30.9  (1.1)
Combined ratio 91.1   % 93.0  % (1.9) 92.0   % 96.2  % (4.2)

Combined ratio 91.1   % 93.0  % (1.9) 92.0   % 96.2  % (4.2)
Contribution from catastrophe losses and prior years reserve development 1.6   1.4  0.2  2.2   4.0  (1.8)
Combined ratio before catastrophe losses and prior years reserve development 89.5   % 91.6  % (2.1) 89.8   % 92.2  % (2.4)

 
Overview
Performance highlights for the commercial lines segment include:
• Premiums – Earned premiums and net written premiums for the commercial lines segment grew during the third quarter and first nine months of 2025, compared with the same periods a year ago, primarily due to agency renewal written premium growth that continued to include higher average pricing. The table below analyzes the primary components of premiums. We continue to use predictive analytics tools to improve pricing precision and segmentation while leveraging our local relationships with agents through the efforts of our teams that work closely with them. We seek to maintain appropriate pricing discipline for both new and renewal business as our agents and underwriters assess account quality to make careful decisions on a policy-by-policy basis whether to write or renew a policy.
Agency renewal written premiums increased 6% for the third quarter and 7% for the first nine months of 2025, compared with the same periods of 2024, including price increases. During the third quarter of 2025, our overall standard commercial lines policies averaged estimated renewal price increases at percentages in the mid-single-digit range. We continue to segment commercial lines policies, emphasizing identification and retention of those we believe have relatively stronger pricing. Conversely, we have been seeking stricter renewal terms and conditions on policies we believe have relatively weaker pricing, thus retaining fewer of those policies. We measure average changes in commercial lines renewal pricing as the percentage rate of change in renewal premium for the new policy period compared with the premium for the expiring policy period, assuming no change in the level of insured exposures or policy coverage between those periods for the respective policies.
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Our average overall commercial lines renewal pricing change includes the impact of flat pricing for certain coverages within package policies written for a three-year term that were in force but did not expire during the period being measured. Therefore, our reported change in average commercial lines renewal pricing reflects a blend of three-year policies that did not expire and other policies that did expire during the measurement period. For commercial lines policies that did expire and were then renewed during the third quarter of 2025, we estimate that our average percentage price increases were in the mid-single-digit range for our commercial casualty, commercial property and commercial auto lines of business. The estimated average percentage price change for workers' compensation was a decrease in the mid-single-digit range.
Our commercial lines segment's increase in agency renewal written premiums for the first nine months of 2025 also included changes in the level of insured exposures. Part of the insured exposure increase reflects our response to inflation effects that increase the cost of building materials to repair damaged commercial structures. We use building valuation software to automate much of that underwriting process and may also manually adjust premiums to reflect property costs.
Renewal premiums for certain policies, primarily our commercial casualty and workers' compensation lines of business, include the results of policy audits that adjust initial premium amounts based on differences between estimated and actual sales or payroll related to a specific policy. Audits completed during the first nine months of 2025 contributed $70 million to net written premiums, compared with $81 million for the same period of 2024.
New business written premiums for commercial lines decreased $2 million for the third quarter, but increased $26 million during the first nine months of 2025, compared with the same periods of 2024, as we continued to carefully underwrite each policy in a highly competitive market. Trend analysis for year-over-year comparisons of individual quarters is more difficult to assess for commercial lines new business written premiums, due to inherent variability. That variability is often driven by larger policies with annual premiums greater than $100,000.
Other written premiums include premiums ceded to reinsurers as part of our reinsurance ceded program. For our commercial lines insurance segment, a decrease in ceded premiums increased net written premiums by approximately $5 million and $11 million for the third quarter and first nine months of 2025, compared with the same periods of 2024.

Commercial Lines Insurance Premiums

(Dollars in millions) Three months ended September 30, Nine months ended September 30,
2025 2024 % Change 2025 2024 % Change
Agency renewal written premiums $ 1,043   $ 987  6  $ 3,311   $ 3,086  7 
Agency new business written premiums 185   187  (1) 588   562  5 
Other written premiums (30) (36) 17  (86) (101) 15 
Net written premiums 1,198   1,138  5  3,813   3,547  7 
Unearned premium change 31   (1) nm (193) (221) 13 
Earned premiums $ 1,229   $ 1,137  8  $ 3,620   $ 3,326  9 

 
• Combined ratio – The third-quarter 2025 commercial lines combined ratio improved by 1.9 percentage points, compared with the third quarter of 2024, including a decrease of 2.8 points in losses from catastrophes. The third-quarter combined ratio decreased by 1.5 points from current accident year loss and loss expenses before catastrophe losses, including a decrease of 0.9 points for the IBNR portion and a decrease of 0.6 points for the case incurred portion. For the first nine months of 2025, the combined ratio improved by 4.2 percentage points, compared with the same period a year ago, including a decrease of 2.5 points in losses from catastrophes. The nine-month 2025 combined ratio also included a decrease of 1.3 points from current accident year loss and loss expenses before catastrophe losses, including an increase of 1.5 points for the IBNR portion and a decrease of 2.8 points for the case incurred portion. Underwriting results also included favorable reserve development on prior accident years, as discussed below. The current accident year ratios were measured as of September 30 of the respective years and included a ratio for large losses of $2 million or more per claim, discussed below, for the first nine months of 2025 that matched the same period of 2024.
When estimating the ultimate cost of total loss and loss expenses, we consider many factors, including trends for inflation, historical paid and reported losses, large loss activity and other data or information for the industry or our company. Elevated inflation in recent years has been a driver of higher losses and loss expenses as costs have increased significantly to repair damaged business properties or autos that we insure, in addition to
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higher losses for liability coverages for some of our lines of business. Due to increased uncertainty regarding ultimate losses, we intend to remain prudent in reserving for estimated ultimate losses until longer-term loss cost trends become more clear.
Catastrophe losses and loss expenses accounted for 2.6 and 4.4 percentage points of the combined ratio for the third quarter and first nine months of 2025, compared with 5.4 and 6.9 percentage points for the same periods a year ago. Through 2024, the 10-year annual average for that catastrophe measure for the commercial lines segment was 6.0 percentage points, and the five-year annual average was 6.6 percentage points.
The net effect of reserve development on prior accident years during the third quarter and first nine months of 2025 was favorable for commercial lines overall by $18 million and $103 million, compared with $50 million and $117 million for the same periods in 2024. For the first nine months of 2025, our commercial property and workers' compensation lines of business were the main contributors to the commercial lines net favorable reserve development, while our commercial casualty and commercial auto lines of business included net unfavorable development. The net favorable reserve development recognized during the first nine months of 2025 for our commercial lines insurance segment was mainly for accident years 2024 and 2023 and was primarily due to lower-than-anticipated loss emergence on known claims. Our commercial casualty line of business included $21 million of unfavorable reserve development on prior accident years for the first nine months of 2025 while commercial auto included $35 million. Reserve estimates are inherently uncertain as described in our 2024 Annual Report on Form 10-K, Item 7, Critical Accounting Estimates, Property Casualty Insurance Loss and Loss Expense Reserves, Page 51.
The commercial lines underwriting expense ratio decreased for the third quarter and first nine months of 2025, compared with the same periods a year ago. The decreases were primarily due to premium growth outpacing growth in various expenses. The ratio for both periods also included ongoing expense management efforts.

Commercial Lines Insurance Losses Incurred by Size

(Dollars in millions, net of reinsurance) Three months ended September 30, Nine months ended September 30,
2025 2024 % Change 2025 2024 % Change
Current accident year losses greater than $5 million $ 48   $ 11  336  $ 60   $ 42  43 
Current accident year losses $2 million - $5 million 12   36  (67) 49   58  (16)
Large loss prior accident year reserve development 47   20  135  105   54  94 
Total large losses incurred 107   67  60  214   154  39 
Losses incurred but not reported 67   117  (43) 336   365  (8)
Other losses excluding catastrophe losses 405   337  20  1,106   1,089  2 
Catastrophe losses 29   58  (50) 152   223  (32)
Total losses incurred $ 608   $ 579  5  $ 1,808   $ 1,831  (1)

Ratios as a percent of earned premiums:     Pt. Change     Pt. Change
Current accident year losses greater than $5 million 3.9   % 1.0  % 2.9  1.7   % 1.3  % 0.4 
Current accident year losses $2 million - $5 million 1.0   3.2  (2.2) 1.3   1.7  (0.4)
Large loss prior accident year reserve development 3.8   1.7  2.1  2.9   1.6  1.3 
Total large loss ratio 8.7   5.9  2.8  5.9   4.6  1.3 
Losses incurred but not reported 5.4   10.3  (4.9) 9.3   11.0  (1.7)
Other losses excluding catastrophe losses 33.0   29.7  3.3  30.5   32.8  (2.3)
Catastrophe losses 2.4   5.1  (2.7) 4.2   6.7  (2.5)
Total loss ratio 49.5   % 51.0  % (1.5) 49.9   % 55.1  % (5.2)

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We continue to monitor new losses and case reserve increases greater than $2 million for trends in factors such as initial reserve levels, loss cost inflation and claim settlement expenses. Our analysis continues to indicate no unexpected concentration of these large losses and case reserve increases by risk category, geographic region, policy inception, agency or field marketing territory. The third-quarter 2025 commercial lines total large losses incurred of $107 million, net of reinsurance, was higher than the quarterly average of $49 million during full-year 2024 and the $67 million of total large losses incurred for the third quarter of 2024. The increase in commercial lines large losses for the first nine months of 2025 was primarily due to our commercial property line of business. The third-quarter 2025 ratio for commercial lines total large losses was 2.8 percentage points higher than last year's third-quarter ratio. The third-quarter 2025 amount of total large losses incurred unfavorably contributed to the increase in the nine-month 2025 total large loss ratio, compared with 2024, in addition to a first-half 2025 ratio that was 0.5 points higher than the first half of 2024. We believe results for the three- and nine-month periods largely reflected normal fluctuations in loss patterns and normal variability in large case reserves for claims above $2 million.

PERSONAL LINES INSURANCE RESULTS

(Dollars in millions) Three months ended September 30, Nine months ended September 30,
2025 2024 % Change 2025 2024 % Change
Earned premiums $ 838   $ 678  24  $ 2,340   $ 1,897  23 
Fee revenues 1   2  (50) 4   4  0 
Total revenues 839   680  23  2,344   1,901  23 
Loss and loss expenses from:            
Current accident year before catastrophe losses 425   367  16  1,280   1,052  22 
Current accident year catastrophe losses 68   186  (63) 695   396  76 
Prior accident years before catastrophe losses 22   5  340  10   5  100 
Prior accident years catastrophe losses (8) (5) (60) (34) (32) (6)
Loss and loss expenses 507   553  (8) 1,951   1,421  37 
Underwriting expenses 233   196  19  665   554  20 
Underwriting profit (loss) $ 99   $ (69) nm $ (272) $ (74) (268)

Ratios as a percent of earned premiums:     Pt. Change     Pt. Change
Current accident year before catastrophe losses 50.7   % 54.0  % (3.3) 54.7   % 55.4  % (0.7)
Current accident year catastrophe losses 8.0   27.4  (19.4) 29.7   20.9  8.8 
Prior accident years before catastrophe losses 2.6   0.9  1.7  0.4   0.3  0.1 
Prior accident years catastrophe losses (0.9) (0.8) (0.1) (1.4) (1.7) 0.3 
Loss and loss expenses 60.4   81.5  (21.1) 83.4   74.9  8.5 
Underwriting expenses 27.8   28.8  (1.0) 28.4   29.2  (0.8)
Combined ratio 88.2   % 110.3  % (22.1) 111.8   % 104.1  % 7.7