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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 Page 3 Table of Contents 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 Page 4 Table of Contents 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 Table of Contents 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 Table of Contents 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 Page 7 Table of Contents 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 Page 8 Table of Contents 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 Page 9 Table of Contents 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. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 10 Table of Contents 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. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 11 Table of Contents 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     Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 12 Table of Contents 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     Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 13 Table of Contents 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. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 14 Table of Contents 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. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 15 Table of Contents 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. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 16 Table of Contents 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: Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 17 Table of Contents (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 Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 18 Table of Contents (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. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 19 Table of Contents 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. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 20 Table of Contents 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   Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 21 Table of Contents 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   Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 22 Table of Contents 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   Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 23 Table of Contents 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   Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 24 Table of Contents 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 ) Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 25 Table of Contents (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. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 26 Table of Contents 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   Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 27 Table of Contents 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. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 28 Table of Contents 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. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 29 Table of Contents 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. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 30 Table of Contents 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. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 31 Table of Contents 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   Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 32 Table of Contents 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 Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 33 Table of Contents • 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 Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 34 Table of Contents • 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. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 35 Table of Contents 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. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 36 Table of Contents 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  % Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 37 Table of Contents (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. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 38 Table of Contents 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 Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 39 Table of Contents 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. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 40 Table of Contents 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. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 41 Table of Contents 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. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 42 Table of Contents 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. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 43 Table of Contents 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  Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 44 Table of Contents 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 Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 45 Table of Contents 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. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 46 Table of Contents 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 Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 47 Table of Contents 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) Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 48 Table of Contents 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  Combined ratio 88.2   % 110.3  % (22.1) 111.8   % 104.1  % 7.7  Contribution from catastrophe losses and prior years reserve development 9.7   27.5  (17.8) 28.7   19.5  9.2  Combined ratio before catastrophe losses and prior years reserve development 78.5   % 82.8  % (4.3) 83.1   % 84.6  % (1.5) Overview Performance highlights for the personal lines segment include: • Premiums – Personal lines earned premiums and net written premiums continued to grow during the third quarter and first nine months of 2025, primarily due to agency renewal written premium growth that included higher average pricing. Cincinnati Private Client SM net written premiums included in the personal lines insurance segment results totaled approximately $572 million and $1.526 billion for the third quarter and first nine months of 2025, compared with $479 million and $1.281 billion for the same periods of 2024. Direct written premiums for Cincinnati Private Client policies grew 23% for the first nine months of 2025 compared with the same period Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 49 Table of Contents of 2024. Cincinnati Private Client net written premiums for the respective periods included excess and surplus lines homeowner policies with premiums totaling $47 million in the third quarter and $94 million in the first nine months of 2025, compared with $46 million in the third quarter and $131 million in the first nine months of 2024. The table below analyzes the primary components of premiums. Agency renewal written premiums increased 24% and 26% for the third quarter and first nine months of 2025, reflecting rate increases in selected states, a higher level of insured exposures and other factors such as changes in policy deductibles or mix of business. Part of the insured exposure increase reflects our response to inflation effects that increase the cost of building materials used to repair damaged homes. We estimate that premium rates for our personal auto line of business increased at average percentages in the high-single-digit range during the first nine months of 2025. For our homeowner line of business, we estimate that premium rates for the first nine months of 2025 increased at average percentages in the low-double-digit range. For both our personal auto and homeowner lines of business, some individual policies experienced lower or higher rate changes based on each risk's specific characteristics and enhanced pricing precision enabled by predictive models. Personal lines new business written premiums decreased $49 million or 30% for the third quarter of 2025, compared with the same period of 2024, including approximately $28 million from Cincinnati Private Client policies and $21 million from middle-market policies. Cincinnati Private Client new business premiums from California decreased approximately $9 million for the third quarter of 2025 compared with the prior year. For the first nine months of 2025, compared with the same period of 2024, personal lines new business written premiums decreased $66 million, or 15%, including approximately $31 million from Cincinnati Private Client policies and $35 million from middle-market policies. We believe we maintained underwriting and pricing discipline across all personal lines markets as we expanded use of enhanced pricing precision tools. Other written premiums include premiums ceded to reinsurers as part of our reinsurance ceded program. For our personal lines insurance segment, an increase in 2025 ceded premiums reduced net written premiums by approximately $1 million and $71 million for the third quarter and first nine months of 2025, compared with the same periods of 2024. Ceded premiums for the first nine months of 2025 included a net amount of $63 million for reinsurance reinstatement premiums related to the January 2025 wildfires in southern California. The $63 million of reinstatement premiums included $61 million for our homeowner line of business. Personal 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 $ 864   $ 695  24  $ 2,364   $ 1,870  26  Agency new business written premiums 116   165  (30) 384   450  (15) Other written premiums (29) (28) (4) (145) (74) (96) Net written premiums 951   832  14  2,603   2,246  16  Unearned premium change (113) (154) 27  (263) (349) 25  Earned premiums $ 838   $ 678  24  $ 2,340   $ 1,897  23    • Combined ratio – Our personal lines combined ratio for the third quarter of 2025 improved by 22.1 percentage points, compared with third-quarter 2024, including a decrease of 19.5 points in losses from catastrophes. The third-quarter 2025 combined ratio improvement also included a decrease of 3.3 percentage points from current accident year loss and loss expenses before catastrophe losses, including a decrease of 1.0 points for the IBNR portion and a decrease of 2.3 points for the case incurred portion. For the first nine months of 2025, the combined ratio increased by 7.7 percentage points, compared with the same period a year ago, including an increase of 9.1 points in losses from catastrophes. The nine-month 2025 combined ratio also included a decrease of 0.7 points from current accident year loss and loss expenses before catastrophe losses, including an increase of 2.3 points for the IBNR portion and a decrease of 3.0 points for the case incurred portion. The nine-month 2025 current accident year ratio before catastrophe losses included an unfavorable 1.4 points for the effect of reinstatement premiums. The total current accident year ratios before catastrophe losses were measured as of September 30 of the respective years and included an increase of 0.8 percentage points for the first nine months of 2025 in the ratio for large losses of $2 million or more per claim, discussed below. 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 Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 50 Table of Contents 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 autos or homes that we insure. 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 7.1 and 28.3 percentage points of the combined ratio for the third quarter and first nine months of 2025, compared with 26.6 and 19.2 points for the same periods a year ago. The 10-year annual average catastrophe loss ratio for the personal lines segment through 2024 was 12.1 percentage points, and the five-year annual average was 13.9 percentage points. In addition to the average rate increases discussed above, we continue to refine our pricing to better match premiums to the risk of loss on individual policies. Improved pricing precision and broad-based rate increases are expected to help position the combined ratio at a profitable level over the long term. In addition, greater geographic diversification is expected to reduce the volatility of homeowner loss ratios attributable to weather-related catastrophe losses over time. The net effect of reserve development on prior accident years during the third quarter of 2025 was unfavorable by $14 million and favorable by $24 million for the first nine months of 2025 for personal lines overall, compared with less than $1 million unfavorable and $27 million favorable for the same periods of 2024. Our homeowner line of business was the main contributor to the personal lines net favorable reserve development for the first nine months of 2025. The net favorable reserve development was primarily due to lower-than-anticipated loss emergence on known claims. 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 personal lines underwriting expense ratio decreased for the third quarter and first nine months of 2025, compared with the same periods a year ago. The third-quarter and nine-month decreases were primarily due to growth in premiums outpacing growth in various expenses. The nine-month 2025 ratio also included an unfavorable 0.7 points for the effect of reinstatement premiums. The ratios for both periods also included ongoing expense management efforts. Personal 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 $ —   $ 7  (100) $ 29   $ 7  314  Current accident year losses $2 million - $5 million 23   13  77  46   39  18  Large loss prior accident year reserve development 2   (1) nm 27   2  nm Total large losses incurred 25   19  32  102   48  113  Losses incurred but not reported 32   33  (3) 143   86  66  Other losses excluding catastrophe losses 316   256  23  827   743  11  Catastrophe losses 54   178  (70) 645   357  81  Total losses incurred $ 427   $ 486  (12) $ 1,717   $ 1,234  39  Ratios as a percent of earned premiums:     Pt. Change     Pt. Change Current accident year losses greater than $5 million 0.0   % 1.1  % (1.1) 1.3   % 0.4  % 0.9  Current accident year losses $2 million - $5 million 2.9   2.0  0.9  2.0   2.1  (0.1) Large loss prior accident year reserve development 0.2   (0.2) 0.4  1.1   0.1  1.0  Total large loss ratio 3.1   2.9  0.2  4.4   2.6  1.8  Losses incurred but not reported 3.8   5.0  (1.2) 6.1   4.6  1.5  Other losses excluding catastrophe losses 37.5   37.6  (0.1) 35.4   39.0  (3.6) Catastrophe losses 6.5   26.2  (19.7) 27.5   18.8  8.7  Total loss ratio 50.9   % 71.7  % (20.8) 73.4   % 65.0  % 8.4  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 Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 51 Table of Contents region, policy inception, agency or field marketing territory. In the third quarter of 2025, the personal lines total large loss ratio, net of reinsurance, was 0.2 percentage points higher than last year's third quarter. The increase in personal lines total large losses incurred for the first nine months of 2025 occurred primarily for our homeowner line of business and inland marine coverages in our other personal line of business. 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 2.7 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. EXCESS AND SURPLUS LINES INSURANCE RESULTS (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2025 2024 % Change 2025 2024 % Change Earned premiums $ 174   $ 157  11  $ 510   $ 447  14  Fee revenues 1   —  nm 3   2  50  Total revenues 175   157  11  513   449  14  Loss and loss expenses from:             Current accident year before catastrophe losses 112   100  12  331   288  15  Current accident year catastrophe losses —   2  (100) 4   6  (33) Prior accident years before catastrophe losses (4) 5  nm (17) 5  nm Prior accident years catastrophe losses —   —  0  (1) —  nm Loss and loss expenses 108   107  1  317   299  6  Underwriting expenses 48   42  14  141   122  16  Underwriting profit $ 19   $ 8  138  $ 55   $ 28  96  Ratios as a percent of earned premiums:     Pt. Change     Pt. Change Current accident year before catastrophe losses 64.1   % 64.2  % (0.1) 64.8   % 64.6  % 0.2  Current accident year catastrophe losses 0.2   1.7  (1.5) 0.9   1.4  (0.5) Prior accident years before catastrophe losses (2.1) 2.9  (5.0) (3.2) 1.0  (4.2) Prior accident years catastrophe losses (0.1) (0.2) 0.1  (0.3) 0.0  (0.3) Loss and loss expenses 62.1   68.6  (6.5) 62.2   67.0  (4.8) Underwriting expenses 27.7   26.7  1.0  27.6   27.3  0.3  Combined ratio 89.8   % 95.3  % (5.5) 89.8   % 94.3  % (4.5) Combined ratio 89.8   % 95.3  % (5.5) 89.8   % 94.3  % (4.5) Contribution from catastrophe losses and prior years reserve development (2.0) 4.4  (6.4) (2.6) 2.4  (5.0) Combined ratio before catastrophe losses and prior years reserve development 91.8   % 90.9  % 0.9  92.4   % 91.9  % 0.5    Overview Performance highlights for the excess and surplus lines segment include: • Premiums – Excess and surplus lines earned premiums and net written premiums continued to grow during the third quarter and first nine months of 2025, compared with the same period a year ago, including increases in both agency renewal and new business written premiums. Renewal written premiums rose 15% for the third quarter and 12% for the nine months ended September 30, 2025, compared with the same periods of 2024, largely due to higher renewal pricing. For both 2025 periods, excess and surplus lines policy renewals experienced estimated average price increases at percentages in the high-single-digit range. We measure average changes in excess and surplus 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 respective policies. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 52 Table of Contents New business written premiums produced by agencies increased by 2% for the third quarter and 16% for 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. Some of what we report as new business came from accounts that were not new to our agents. We believe our agents' seasoned accounts tend to be priced more accurately than business that may be less familiar to them. Excess and Surplus 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 $ 130   $ 113  15  $ 409   $ 365  12  Agency new business written premiums 55   54  2  171   147  16  Other written premiums (10) (10) 0  (35) (29) (21) Net written premiums 175   157  11  545   483  13  Unearned premium change (1) —  nm (35) (36) 3  Earned premiums $ 174   $ 157  11  $ 510   $ 447  14    • Combined ratio – The excess and surplus lines combined ratio improved by 5.5 percentage points for the third quarter and 4.5 points for the first nine months of 2025, compared with the same periods of 2024. The improvements were primarily due to favorable reserve development on prior accident year loss and loss expenses for the three and nine months ended September 30, 2025, compared with unfavorable development for the same periods of 2024. The 64.1% third-quarter 2025 ratio for current accident year loss and loss expenses before catastrophe losses was 0.1 percentage points lower, compared with the 64.2% accident year 2024 ratio measured as of September 30, 2024, including a decrease of 2.4 points for the IBNR portion and an increase of 2.3 points for the case incurred portion. The nine-month 2025 ratio for current accident year loss and loss expenses before catastrophe losses was 0.2 percentage points higher, compared with the 64.6% accident year 2024 ratio measured as of September 30, 2024, including an increase of 2.7 points for the IBNR portion and a decrease of 2.5 points for the case incurred portion. Excess and surplus lines net reserve development on prior accident years, as a ratio to earned premiums, was favorable by 2.2% for the third quarter and 3.5% for the first nine months of 2025, compared with unfavorable 2.7% and 1.0% for the same periods of 2024. 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 excess and surplus lines underwriting expense ratio increased for the third quarter and first nine months of 2025 compared with the same periods a year ago, largely due to an increase in commission expenses. The ratios also included ongoing expense management efforts and premium growth. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 53 Table of Contents Excess and Surplus 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 $ —   $ —  nm $ —   $ —  nm Current accident year losses $2 million - $5 million —   2  (100) —   4  (100) Large loss prior accident year reserve development —   —  nm —   —  nm Total large losses incurred —   2  (100) —   4  (100) Losses incurred but not reported 16   12  33  93   59  58  Other losses excluding catastrophe losses 59   55  7  125   143  (13) Catastrophe losses —   2  (100) 3   6  (50) Total losses incurred $ 75   $ 71  6  $ 221   $ 212  4  Ratios as a percent of earned premiums:     Pt. Change     Pt. Change Current accident year losses greater than $5 million 0.0   % 0.0  % 0.0  0.0   % 0.0  % 0.0  Current accident year losses $2 million - $5 million 0.0   1.3  (1.3) 0.0   0.9  (0.9) Large loss prior accident year reserve development 0.0   0.0  0.0  0.0   0.0  0.0  Total large loss ratio 0.0   1.3  (1.3) 0.0   0.9  (0.9) Losses incurred but not reported 9.2   7.1  2.1  18.3   13.2  5.1  Other losses excluding catastrophe losses 33.6   35.4  (1.8) 24.4   32.1  (7.7) Catastrophe losses 0.0   1.5  (1.5) 0.5   1.3  (0.8) Total loss ratio 42.8   % 45.3  % (2.5) 43.2   % 47.5  % (4.3)   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. In the third quarter of 2025, the excess and surplus lines total ratio for large losses, net of reinsurance, was 1.3 percentage points lower than last year's third quarter. The third-quarter 2025 amount of total large losses incurred contributed favorably to the decrease in the nine-month 2025 total large loss ratio, compared with 2024, in addition to a first-half 2025 ratio that was 0.7 points lower 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. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 54 Table of Contents LIFE INSURANCE RESULTS (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2025 2024 % Change 2025 2024 % Change Earned premiums $ 83   $ 80  4  $ 246   $ 240  3  Fee revenues 1   1  0  4   4  0  Total revenues 84   81  4  250   244  2  Contract holders' benefits incurred 76   79  (4) 230   226  2  Investment interest credited to contract holders (32) (32) 0  (95) (94) (1) Underwriting expenses incurred 23   24  (4) 70   70  0  Total benefits and expenses 67   71  (6) 205   202  1  Life insurance segment profit $ 17   $ 10  70  $ 45   $ 42  7    Overview Performance highlights for the life insurance segment include: • Revenues – Revenues increased for the nine months ended September 30, 2025, compared with the same period a year ago, driven by higher earned premiums from term life insurance, our largest life insurance product line. Net in-force life insurance policy face amounts increased 3% to $86.438 billion at September 30, 2025, from $84.245 billion at year-end 2024. Fixed annuity deposits received for the three and nine months ended September 30, 2025, were $8 million and $20 million, compared with $10 million and $29 million for the same periods of 2024. Fixed annuity deposits have a minimal impact on earned premiums because deposits received are initially recorded as liabilities. Profit is earned over time by way of interest rate spreads. We do not write variable or equity-indexed annuities. Life Insurance Premiums (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2025 2024 % Change 2025 2024 % Change Term life insurance $ 61   $ 58  5  $ 179   $ 174  3  Whole life insurance 14   13  8  40   39  3  Universal life and other 8   9  (11) 27   27  0  Net earned premiums $ 83   $ 80  4  $ 246   $ 240  3    • Profitability – Our life insurance segment typically reports a smaller profit compared with the life insurance subsidiary because profits from investment income spreads are included in our investments segment results. We include only investment income credited to contract holders (including interest assumed in life insurance policy reserve calculations) in our life insurance segment results. A profit of $45 million for our life insurance segment in the first nine months of 2025, compared with a profit of $42 million for the same period of 2024, was primarily due to increased earned premiums. Life insurance segment benefits and expenses consist principally of contract holders' (policyholders') benefits incurred related to traditional life and interest-sensitive products and operating expenses incurred, net of deferred acquisition costs. Total benefits increased in the first nine months of 2025 primarily due to less favorable impacts from the unlocking of interest rate and other actuarial assumptions. Underwriting expenses for the first nine months of 2025 matched the same period a year ago. We recognize that assets under management, capital appreciation and investment income are integral to evaluating the success of the life insurance segment because of the long duration of life products. On a basis that includes investment income and investment gains or losses from life-insurance-related Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 55 Table of Contents invested assets, the life insurance subsidiary reported net income of $28 million and $75 million for the three and nine months ended September 30, 2025, compared with $20 million and $63 million for the three and nine months ended September 30, 2024. The life insurance subsidiary portfolio had net after-tax investment losses of $1 million and $5 million for the three and nine months ended September 30, 2025, compared with less than $1 million and $7 million for the three and nine months ended September 30, 2024. INVESTMENTS RESULTS Overview The investments segment contributes investment income and investment gains and losses to results of operations. Investments traditionally are our primary source of pretax and after-tax profits. Investment Income Pretax investment income grew 14% for the third quarter and 15% for the first nine months of 2025, compared with the same periods of 2024. Interest income increased by $40 million and $122 million for the three and nine months ended September 30, 2025, as net purchases of fixed-maturity securities in recent quarters and higher bond yields are working to generally offset effects of the low interest rate environment for several years prior to 2022. Dividend income increased by $1 million for the third quarter and decreased by $3 million for the first nine months of 2025. The decrease for the first nine months of 2025 was primarily due to the unfavorable effect on dividend income from net sales of equity securities during the second half of 2024. That effect was partially offset by net purchases of equity securities during the first nine months of 2025 and dividend rates that have generally been increasing, although more slowly in recent quarters. Investments Results (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2025 2024 % Change 2025 2024 % Change Total investment income, net of expenses $ 295   $ 258  14  $ 860   $ 745  15  Investment interest credited to contract holders (32) (32) 0  (95) (94) (1) Investment gains and losses, net 853   758  13  1,259   1,507  (16) Investments profit, pretax $ 1,116   $ 984  13  $ 2,024   $ 2,158  (6) We continue to consider the low interest rate environment that prevailed for several years prior to 2022 as well as the potential for a continuation of both elevated inflation and higher bond yields as we position our portfolio. As bonds in our generally laddered portfolio mature or are called over the near term, we will reinvest with a balanced approach, keeping in mind our long-term strategy and pursuing attractive risk-adjusted after-tax yields. The table below shows the average pretax yield-to-amortized cost associated with expected principal redemptions for our fixed-maturity portfolio. The expected principal redemptions are based on par amounts and include dated maturities, calls and prefunded municipal bonds that we expect will be called during each respective time period. (Dollars in millions) % Yield Principal redemptions At September 30, 2025 Fixed-maturity pretax yield profile: Expected to mature during the remainder of 2025 4.85  % $ 269  Expected to mature during 2026 4.82  997  Expected to mature during 2027 5.20  1,027  Average yield and total expected maturities from the remainder of 2025 through 2027 5.00  $ 2,293  Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 56 Table of Contents The table below shows the average pretax yield-to-amortized cost for fixed-maturity securities acquired during the periods indicated. The average yield for total fixed-maturity securities acquired during the first nine months of 2025 was higher than the 5.06% average yield-to-amortized cost of the fixed-maturity securities portfolio at the end of 2024. Our fixed-maturity portfolio's average yield of 4.96% for the first nine months of 2025, from the investment income table below, was lower than the 5.06% yield for the year-end 2024 fixed-maturities portfolio. Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Average pretax yield-to-amortized cost on new fixed-maturities: Acquired taxable fixed-maturities 5.63   % 5.63  % 5.81   % 5.81  % Acquired tax-exempt fixed-maturities 4.83   4.09  4.75   4.12  Average total fixed-maturities acquired 5.52   5.53  5.69   5.68  While our bond portfolio more than covers our insurance reserve liabilities, we believe our diversified common stock portfolio of mainly blue chip, dividend-paying companies represents one of our best investment opportunities for the long term. We discussed our portfolio strategies in our 2024 Annual Report on Form 10-K, Item 1, Investments Segment, Page 21, and Item 7, Investments Outlook, Page 89. We discuss risks related to our investment income and our fixed-maturity and equity investment portfolios in this quarterly report Item 3, Quantitative and Qualitative Disclosures About Market Risk. The table below provides details about investment income. Average yields in this table are based on the average invested asset and cash amounts indicated in the table, using fixed-maturity securities valued at amortized cost and all other securities at fair value. (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2025 2024 % Change 2025 2024 % Change Investment income:             Interest $ 227   $ 187  21  $ 651   $ 529  23  Dividends 69   68  1  206   209  (1) Other 4   7  (43) 16   18  (11) Less investment expenses 5   4  25  13   11  18  Investment income, pretax 295   258  14  860   745  15  Less income taxes 51   44  16  148   125  18  Total investment income, after-tax $ 244   $ 214  14  $ 712   $ 620  15  Investment returns: Average invested assets plus cash and cash   equivalents $ 31,899   $ 29,107  $ 31,345   $ 28,447  Average yield pretax 3.70   % 3.55  % 3.66   % 3.49  % Average yield after-tax 3.06   2.94  3.03   2.91  Effective tax rate 17.3   16.9  17.2   16.8  Fixed-maturity returns: Average amortized cost $ 17,816   $ 15,592  $ 17,515   $ 15,218  Average yield pretax 5.10   % 4.80  % 4.96   % 4.63  % Average yield after-tax 4.16   3.93  4.04   3.80  Effective tax rate 18.4   18.1  18.4   18.0    Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 57 Table of Contents Total Investment Gains and Losses Investment gains and losses are recognized on the sale of investments, for certain changes in fair values of securities even though we continue to hold the securities or as otherwise required by GAAP. The change in fair value for equity securities still held is included in investment gains and losses and also in net income. The change in unrealized gains or losses for fixed-maturity securities is included as a component of other comprehensive income (OCI). Accounting requirements for the allowance for credit losses for the fixed-maturity portfolio are disclosed in our 2024 Annual Report on Form 10-K, Item 8, Note 1, Summary of Significant Accounting Policies, Page 128.   The table below summarizes total investment gains and losses, before taxes. (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Investment gains and losses: 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 maturities: 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 investment gains and losses reported in net income 853   758  1,259   1,507  Change in unrealized investment gains and losses: Fixed maturities 241   497  336   367  Total $ 1,094   $ 1,255  $ 1,595   $ 1,874  Of the 5,331 fixed-maturity and short-term securities in the portfolio, 17 securities were trading below 70% of amortized cost at September 30, 2025. Our asset impairment committee regularly monitors the portfolio, including a quarterly review of the entire portfolio for potential credit losses. We believe that if liquidity in the markets were to significantly deteriorate or economic conditions were to significantly weaken, we could experience declines in portfolio values and possibly increases in the allowance for credit losses or write-downs to fair value. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 58 Table of Contents OTHER We report as Other the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company. We also report as Other the underwriting results of Cincinnati Re and Cincinnati Global, including earned premiums, loss and loss expenses and underwriting expenses in the table below. Total revenues for the first nine months of 2025 for our Other operations increased, compared with the same period of 2024, primarily due to earned premiums from Cincinnati Re and Cincinnati Global, with increases of $33 million and $28 million, respectively. Cincinnati Re had $444 million of earned premiums for the first nine months of 2025 and generated an underwriting loss of $10 million, including an unfavorable impact of $103 million of net catastrophe losses from the January 2025 wildfires in southern California. Cincinnati Global had $231 million of earned premiums for the first nine months of 2025 and generated an underwriting profit of $55 million. Total expenses for Other increased for the first nine months of 2025, primarily due to higher loss and loss expenses from Cincinnati Re and Cincinnati Global. Other income (loss) in the table below represents profit before income taxes. For the first nine months of 2025, total other loss resulted from an underwriting loss from Cincinnati Re and interest expense from debt of the parent company. For the first nine months of 2024, total other income was driven by underwriting profit from Cincinnati Re and Cincinnati Global. (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2025 2024 % Change 2025 2024 % Change Interest and fees on loans and leases $ 3   $ 3  0  $ 8   $ 7  14  Earned premiums 243   245  (1) 675   614  10  Other revenues 3   —  nm 7   3  133  Total revenues 249   248  0  690   624  11  Interest expense 13   13  0  40   40  0  Loss and loss expenses 102   133  (23) 421   290  45  Underwriting expenses 77   70  10  209   180  16  Operating expenses 6   6  0  27   19  42  Total expenses 198   222  (11) 697   529  32   Total other income (loss) $ 51   $ 26  96  $ (7) $ 95  nm   TAXES We had $291 million and $423 million of income tax expense for the three and nine months ended September 30, 2025, compared with $220 million and $492 million of income tax expense for the same periods of 2024. The effective tax rate for the three and nine months ended September 30, 2025, was 20.6% and 19.8% compared with 21.2% and 20.7% for the same periods last year. The change in our effective tax rate between periods was primarily due to large changes in our net investment gains and losses included in income for the periods and changes in underwriting income and investment income. Historically, we have pursued a strategy of investing some portion of cash flow in tax-advantaged, fixed-maturity and equity securities to minimize our overall tax liability and maximize after-tax earnings. See Tax-Exempt Fixed Maturities in this quarterly report Item 3, Quantitative and Qualitative Disclosures About Market Risk for further discussion on municipal bond purchases in our fixed-maturity investment portfolio. For tax years after 2017, for our property casualty insurance subsidiaries, approximately 75% of interest from tax-advantaged, fixed-maturity investments and approximately 40% of dividends from qualified equities are exempt from federal tax after applying proration. For our noninsurance companies, the dividend received deduction exempts 50% of dividends from qualified equities. Our life insurance company does not own tax-advantaged, fixed-maturity investments or equities subject to the dividend received deduction. Details about our effective tax rate are in this quarterly report Item 1, Note 9, Income Taxes. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 59 Table of Contents LIQUIDITY AND CAPITAL RESOURCES At September 30, 2025, shareholders' equity was $15.406 billion, compared with $13.935 billion at December 31, 2024. Total debt was $815 million at September 30, 2025, unchanged from December 31, 2024. At September 30, 2025, cash and cash equivalents totaled $1.460 billion, compared with $983 million at December 31, 2024. In addition to our historically positive operating cash flow to meet the needs of operations, we have the ability to slow investing activities or sell a portion of our high-quality, liquid investment portfolio if such need arises. We also have additional capacity to borrow on our revolving short-term line of credit, as described further below. SOURCES OF LIQUIDITY   Subsidiary Dividends Our lead insurance subsidiary declared dividends of $350 million to the parent company in the first nine months of 2025, compared with $290 million for the same period of 2024. For full-year 2024, our lead insurance subsidiary paid dividends totaling $290 million to the parent company. State of Ohio regulatory requirements restrict the dividends our insurance subsidiary can pay. For full-year 2025, total dividends that our insurance subsidiary can pay to our parent company without regulatory approval are approximately $1.245 billion.   Investing Activities Investment income is a source of liquidity for both the parent company and its insurance subsidiaries. We continue to focus on portfolio strategies to balance near-term income generation and long-term book value growth.   Parent company obligations can be funded with income on investments held at the parent-company level or through sales of securities in that portfolio, although our investment philosophy seeks to compound cash flows over the long term. These sources of capital can help minimize subsidiary dividends to the parent company, protecting insurance subsidiary capital. For a discussion of our historic investment strategy, portfolio allocation and quality, see our 2024 Annual Report on Form 10-K, Item 1, Investments Segment, Page 21.   Insurance Underwriting Our property casualty and life insurance underwriting operations provide liquidity because we generally receive premiums before paying losses under the policies purchased with those premiums. After satisfying our cash requirements, we invest excess cash flows, increasing future investment income.   Historically, cash receipts from property casualty and life insurance premiums, along with investment income, have been more than sufficient to pay claims, operating expenses and dividends to the parent company.   The table below shows a summary of the operating cash flow for property casualty insurance (direct method): (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2025 2024 % Change 2025 2024 % Change Premiums collected $ 2,626   $ 2,343  12  $ 7,369   $ 6,593  12  Loss and loss expenses paid (1,217) (1,114) (9) (3,862) (3,218) (20) Commissions and other underwriting expenses paid (634) (585) (8) (2,226) (2,008) (11) Cash flow from underwriting 775   644  20  1,281   1,367  (6) Investment income received 217   192  13  630   533  18  Cash flow from operations $ 992   $ 836  19  $ 1,911   $ 1,900  1    Collected premiums for property casualty insurance rose $776 million during the first nine months of 2025, compared with the same period in 2024. Loss and loss expenses paid for the 2025 period increased $644 million. Commissions and other underwriting expenses paid increased $218 million.   Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 60 Table of Contents We discuss our future obligations for claims payments and for underwriting expenses in our 2024 Annual Report on Form 10-K, Item 7, Obligations, Page 95.   Capital Resources At September 30, 2025, our debt-to-total-capital ratio was 5.0%, considerably below our 35% covenant threshold, with $790 million in long-term debt and $25  million in borrowing on our revolving short-term line of credit. At September 30, 2025, $275 million was available for future cash management needs as part of the general provisions of the line of credit agreement, with another $300 million available as part of an accordion feature. Based on our capital requirements at September 30, 2025, we do not anticipate a material increase in debt levels exceeding the available line of credit amount during the year. As a result, we expect changes in our debt-to-total-capital ratio to continue to be largely a function of the contribution of unrealized investment gains or losses to shareholders' equity. During 2024, we terminated our unsecured letter of credit agreement, which provided a portion of the capital needed to support Cincinnati Global's obligations at Lloyd's. We replaced the letter of credit agreement with common equities, bringing total common equities held in Lloyd's trust accounts to $235 million. On October 10, 2025, we terminated our $300 million credit agreement and simultaneously entered into a new $400 million unsecured revolving credit agreement expiring on October 10, 2030, with two optional one-year extensions. The credit facility is fully subscribed among four lenders and includes a $400 million accordion feature, a $400 million sublimit for letters of credit, and a $75 million sublimit for swing line loans. The debt-to-total-capital ratio covenant threshold remains at 35%. Current borrowings under the credit agreement were $25 million on October 10, 2025. We provide details of our three long-term notes in this quarterly report Item 1, Note 3, Fair Value Measurements. None of the notes are encumbered by rating triggers.   Four independent ratings firms award insurer financial strength ratings to our property casualty insurance companies and three firms rate our life insurance company. On September 3, 2025, Fitch Ratings changed our parent company debt rating to A from A-. No additional changes to our parent company debt ratings occurred during the first nine months of 2025. Our debt ratings are discussed in our 2024 Annual Report on Form 10-K, Item 7, Liquidity and Capital Resources, Long-Term Debt, Page 94.   Off-Balance Sheet Arrangements We do not use any special-purpose financing vehicles or have any undisclosed off-balance sheet arrangements (as that term is defined in applicable SEC rules) that are reasonably likely to have a current or future material effect on the company's financial condition, results of operation, liquidity, capital expenditures or capital resources. Similarly, the company holds no fair-value contracts for which a lack of marketplace quotations would necessitate the use of fair-value techniques.   USES OF LIQUIDITY Our parent company and insurance subsidiary have contractual obligations and other commitments. In addition, one of our primary uses of cash is to enhance shareholder return.   Contractual Obligations We estimated our future contractual obligations as of December 31, 2024, in our 2024 Annual Report on Form 10-K, Item 7, Contractual Obligations, Page 95. There have been no material changes to our estimates of future contractual obligations since our 2024 Annual Report on Form 10-K. Other Commitments In addition to our contractual obligations, we have other property casualty operational commitments: • Commissions – Commissions paid were $1.469 billion in the first nine months of 2025. Commission payments generally track with written premiums, except for annual profit-sharing commissions typically paid during the first quarter of the year. • Other underwriting expenses – Many of our underwriting expenses are not contractual obligations, but reflect the ongoing expenses of our business. Noncommission underwriting expenses paid were $757 million in the first nine months of 2025. There were no contributions to our qualified pension plan during the first nine months of 2025.   Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 61 Table of Contents Investing Activities After fulfilling operating requirements, we invest cash flows from underwriting, investment and other corporate activities in fixed-maturity and equity securities on an ongoing basis to help achieve our portfolio objectives. We discuss our investment strategy and certain portfolio attributes in this quarterly report Item 3, Quantitative and Qualitative Disclosures About Market Risk.   Uses of Capital Uses of cash to enhance shareholder return include dividends to shareholders and shares acquired under our repurchase program. In January, May and August 2025, the board of directors declared regular quarterly cash dividends of 87 cents per share for an indicated annual rate of $3.48 per share. During the first nine months of 2025, we used $392 million to pay cash dividends to shareholders. PROPERTY CASUALTY INSURANCE LOSS AND LOSS EXPENSE RESERVES For the business lines in the commercial and personal lines insurance segments, and in total for the excess and surplus lines insurance segment and other property casualty insurance operations, the following table details gross reserves among case, IBNR (incurred but not reported) and loss expense reserves, net of salvage and subrogation reserves. Reserving practices are discussed in our 2024 Annual Report on Form 10-K, Item 7, Property Casualty Loss and Loss Expense Obligations and Reserves, Page 96.   Total gross reserves at September 30, 2025, increased $1.258 billion compared with December 31, 2024. Case loss reserves increased by $237 million, IBNR loss reserves increased by $801 million and loss expense reserves increased by $220 million. The total gross increase was primarily due to our commercial casualty and homeowner lines of business, excess and surplus lines insurance segment and Cincinnati Re. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 62 Table of Contents Property Casualty Gross Reserves (Dollars in millions) Loss reserves Loss expense reserves Total gross reserves   Case reserves IBNR reserves Percent of total At September 30, 2025 Commercial lines insurance:           Commercial casualty $ 1,206   $ 1,682   $ 869   $ 3,757   33.6   % Commercial property 224   235   104   563   5.0   Commercial auto 433   441   178   1,052   9.4   Workers' compensation 378   579   101   1,058   9.5   Other commercial 168   71   168   407   3.6   Subtotal 2,409   3,008   1,420   6,837   61.1   Personal lines insurance:           Personal auto 283   154   125   562   5.0   Homeowner 353   263   117   733   6.5   Other personal 107   236   10   353   3.2   Subtotal 743   653   252   1,648   14.7   Excess and surplus lines 401   520   332   1,253   11.2   Cincinnati Re 225   992   8   1,225   10.9   Cincinnati Global 113   115   4   232   2.1   Total $ 3,891   $ 5,288   $ 2,016   $ 11,195   100.0   % At December 31, 2024           Commercial lines insurance:           Commercial casualty $ 1,121  $ 1,498  $ 824  $ 3,443  34.7  % Commercial property 251  199  90  540  5.4  Commercial auto 423  355  159  937  9.4  Workers' compensation 389  564  89  1,042  10.5  Other commercial 159  45  137  341  3.4  Subtotal 2,343  2,661  1,299  6,303  63.4  Personal lines insurance:           Personal auto 260  106  100  466  4.7  Homeowner 244  134  88  466  4.7  Other personal 102  166  9  277  2.8  Subtotal 606  406  197  1,209  12.2  Excess and surplus lines 395  425  289  1,109  11.2  Cincinnati Re 191  880  8  1,079  10.8  Cincinnati Global 119  115  3  237  2.4  Total $ 3,654  $ 4,487  $ 1,796  $ 9,937  100.0  %   LIFE POLICY AND INVESTMENT CONTRACT RESERVES Gross life policy and investment contract reserves were $3.003 billion at September 30, 2025, compared with $2.960 billion at year-end 2024. Details about these reserves are in this quarterly report Item 1, Note 5, Life Policy and Investment Contract Reserves. We discussed our life insurance reserving practices in our 2024 Annual Report on Form 10-K, Item 7, Life Insurance Policyholder Obligations and Reserves, Page 102. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 63 Table of Contents OTHER MATTERS   SIGNIFICANT ACCOUNTING POLICIES Our significant accounting policies are discussed in our 2024 Annual Report on Form 10-K, Item 8, Note 1, Summary of Significant Accounting Policies, Page 128, and updated in this quarterly report Item 1, Note 1, Accounting Policies.   In conjunction with those discussions, in the Management's Discussion and Analysis in the 2024 Annual Report on Form 10-K, management reviewed the estimates and assumptions used to develop reported amounts related to the most significant policies. Management discussed the development and selection of those accounting estimates with the audit committee of the board of directors.   Item 3.    Quantitative and Qualitative Disclosures About Market Risk Our greatest exposure to market risk is through our investment portfolio. Market risk is the potential for a decrease in securities' fair value resulting from broad yet uncontrollable forces such as: inflation, economic growth or recession, interest rates, world political conditions or other widespread unpredictable events. It is comprised of many individual risks that, when combined, create a macroeconomic impact.   Our view of potential risks and our sensitivity to such risks is discussed in our 2024 Annual Report on Form 10-K, Item 7A, Quantitative and Qualitative Disclosures About Market Risk, Page 112.   The fair value of our investment portfolio was $30.326 billion at September 30, 2025, up $2.661 billion from year-end 2024, including a $1.448 billion increase in the fixed-maturity portfolio, a $1.362 billion increase in the equity portfolio and a $149 million decrease in short-term investments. (Dollars in millions) At September 30, 2025 At December 31, 2024 Cost or  amortized cost Percent  of total Fair value Percent  of total Cost or  amortized cost Percent of total Fair value Percent of total Taxable fixed maturities $ 13,708   61.8   % $ 13,593   44.8   % $ 12,668  60.4  % $ 12,243  44.2  % Tax-exempt fixed maturities 4,139   18.7   4,037   13.3   4,067  19.4  3,939  14.2  Common equities 3,779   17.1   12,209   40.3   3,568  17.0  10,836  39.2  Nonredeemable preferred   equities 375   1.7   338   1.1   385  1.8  349  1.3  Short-term investments 149   0.7   149   0.5   298  1.4  298  1.1  Total $ 22,150   100.0   % $ 30,326   100.0   % $ 20,986  100.0  % $ 27,665  100.0  % At September 30, 2025, substantially all of our consolidated investment portfolio, measured at fair value, is classified as Level 1 or Level 2. See Item 1, Note 3, Fair Value Measurements, for additional discussion of our valuation techniques.   In addition to our investment portfolio, the total investments amount reported in our condensed consolidated balance sheets includes Other invested assets. Other invested assets included $623 million of private equity investments, $99 million of real estate through direct property ownership and development projects in the United States, $37 million of life policy loans and $14 million in Lloyd's deposit at September 30, 2025. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 64 Table of Contents FIXED-MATURITY SECURITIES INVESTMENTS By maintaining a well-diversified fixed-maturity portfolio, we attempt to reduce overall risk. We invest new money in the bond market on a regular basis, targeting what we believe to be optimal risk-adjusted, after-tax yields. Risk, in this context, includes interest rate, call, reinvestment rate, credit and liquidity risk. We do not make a concerted effort to alter duration on a portfolio basis in response to anticipated movements in interest rates. By regularly investing in the bond market, we build a broad, diversified portfolio that we believe mitigates the impact of adverse economic factors. In the first nine months of 2025, the increase in fair value of our fixed-maturity portfolio was due to net purchases of securities, plus a decrease in our net unrealized loss position that reflected a decrease in U.S. Treasury yields and a slight tightening of corporate credit spreads. At September 30, 2025, our fixed-maturity portfolio with an average rating of A2/A+ was valued at 98.8% of its amortized cost, compared with 96.7% at December 31, 2024.   At September 30, 2025, our investment-grade fixed-maturity securities represented 97.4% of the portfolio based on ratings provided by nationally recognized statistical rating organizations or the Securities Valuation Office of the National Association of Insurance Commissioners. Attributes of the fixed-maturity portfolio include: At September 30, 2025 At December 31, 2024 Weighted average yield-to-amortized cost 5.10   % 5.06  % Weighted average maturity 10.9 yrs 10.2 yrs Effective duration 5.6 yrs 5.0 yrs   We discuss maturities of our fixed-maturity portfolio in our 2024 Annual Report on Form 10-K, Item 8, Note 2, Investments, Page 135, and in this quarterly report Item 2, Investments Results. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 65 Table of Contents TAXABLE FIXED MATURITIES Our taxable fixed-maturity portfolio, with a fair value of $13.593 billion at September 30, 2025, included: (Dollars in millions) At September 30, 2025 At December 31, 2024 Investment-grade corporate $ 9,140   $ 8,070  Government-sponsored enterprises 2,346   2,274  States, municipalities and political subdivisions 809   782  Asset-backed 778   551  United States government 274   226  Noninvestment-grade corporate 223   310  Foreign government 23   30  Total $ 13,593   $ 12,243    Our strategy is to buy, and typically hold, fixed-maturity investments to maturity, but we monitor credit profiles and fair value movements when determining holding periods for individual securities. With the exception of United States agency issues that include government-sponsored enterprises, no individual issuer's securities accounted for more than 0.8% of the taxable fixed-maturity portfolio at September 30, 2025. Our investment-grade corporate bonds had an average rating of Baa1 by Moody's or BBB+ by S&P Global Ratings and represented 67.2% of the taxable fixed-maturity portfolio's fair value at September 30, 2025, compared with 65.9% at year-end 2024.   The heaviest concentration in our investment-grade corporate bond portfolio, based on fair value at September 30, 2025, was the financial sector. It represented 30.3% of our investment-grade corporate bond portfolio, compared with 33.8% at year-end 2024. The utility and energy sectors represented 13.4% and 11.0%, compared with 13.0% and 10.6%, respectively, at year-end 2024. No other sector exceeded 10% of our investment-grade corporate bond portfolio. As discussed in our 2024 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 30, investments in the financial sector include various risks. See risk factors entitled “Financial disruption or a prolonged economic downturn could affect our investment performance” and “Our ability to achieve our performance objectives could be affected by changes in the financial, credit and capital markets or the general economy.” Our taxable fixed-maturity portfolio at September 30, 2025, included $778 million of asset-backed securities at fair value with an average rating of Aa2/AA. TAX-EXEMPT FIXED MATURITIES At September 30, 2025, we had $4.037 billion of tax-exempt fixed-maturity securities at fair value with an average rating of Aa2/AA by Moody's and S&P Global Ratings. We traditionally have purchased municipal bonds focusing on general obligation and essential services issues, such as water, waste disposal or others. The portfolio is well diversified among approximately 1,900 municipal bond issuers. No single municipal issuer accounted for more than 0.6% of the tax-exempt fixed-maturity portfolio at September 30, 2025. INTEREST RATE SENSITIVITY ANALYSIS Because of our strong surplus, long-term investment horizon and ability to hold most fixed-maturity investments until maturity, we believe the company is adequately positioned if interest rates were to rise. Although the fair values of our existing holdings may suffer, a higher rate environment would provide the opportunity to invest cash flow in higher-yielding securities, while reducing the likelihood of untimely redemptions of currently callable securities. While higher interest rates would be expected to continue to increase the number of fixed-maturity holdings trading below 100% of amortized cost, we believe lower fixed-maturity security values due solely to interest rate changes would not signal a decline in credit quality. We continue to manage the portfolio with an eye toward both meeting current income needs and managing interest rate risk.   Our dynamic financial planning model uses analytical tools to assess market risks. As part of this model, the effective duration of the fixed-maturity portfolio is continually monitored by our investment department to evaluate the theoretical impact of interest rate movements. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 66 Table of Contents   The table below summarizes the effect of hypothetical changes in interest rates on the fair value of the fixed-maturity portfolio: (Dollars in millions) Effect from interest rate change in basis points -200  -100 — 100 200 At September 30, 2025 $ 19,606   $ 18,610   $ 17,630   $ 16,563   $ 15,495   At December 31, 2024 $ 17,750  $ 16,967  $ 16,182  $ 15,317  $ 14,433    The effective duration of the fixed-maturity portfolio as of September 30, 2025, was 5.6 years, up from 5.0 years at year-end 2024. The above table is a theoretical presentation showing that an instantaneous, parallel shift in the yield curve of 100 basis points could produce an approximately 5.8% change in the fair value of the fixed-maturity portfolio. Generally speaking, the higher a bond is rated, the more directly correlated movements in its fair value are to changes in the general level of interest rates, exclusive of call features. The fair values of average- to lower-rated corporate bonds are additionally influenced by the expansion or contraction of credit spreads.   In our dynamic financial planning model, the selected interest rate change of 100 to 200 basis points represents our view of a shift in rates that is quite possible over a one-year period. The rates modeled should not be considered a prediction of future events as interest rates may be much more volatile in the future. The analysis is not intended to provide a precise forecast of the effect of changes in rates on our results or financial condition, nor does it take into account any actions that we might take to reduce exposure to such risks. SHORT-TERM INVESTMENTS Our short-term investments consist of commercial paper purchased within one year of maturity. We make short-term investments primarily with funds to be used to make upcoming cash payments, such as dividends, taxes or other corporate purposes. At September 30, 2025, we had $149 million of short-term investments. EQUITY INVESTMENTS Our equity investments, with a fair value totaling $12.547 billion at September 30, 2025, included $12.209 billion of common stock securities of companies generally with strong indications of paying and growing their dividends. Other criteria we evaluate include increasing sales and earnings, proven management and a favorable outlook. We believe our equity investment style is an appropriate long-term strategy. While our long-term financial position would be affected by prolonged changes in the market valuation of our investments, we believe our strong surplus position and cash flow provide a cushion against short-term fluctuations in valuation. Continued payment of cash dividends by the issuers of our common equity holdings can provide a floor to their valuation. The table below summarizes the effect of hypothetical changes in market prices on fair value of our equity portfolio. (Dollars in millions) Effect from market price change in percent   -30% -20% -10% — 10% 20% 30% At September 30, 2025 $ 8,783   $ 10,038   $ 11,292   $ 12,547   $ 13,802   $ 15,056   $ 16,311   At December 31, 2024 $ 7,830  $ 8,948  $ 10,067  $ 11,185  $ 12,304  $ 13,422  $ 14,541  At September 30, 2025, Microsoft (Nasdaq:MSFT) was our largest single common stock holding with a fair value of $940 million, or 7.7% of our publicly traded common stock portfolio and 3.1% of the total investment portfolio. Forty-two holdings (among nine different sectors) each had a fair value greater than $100 million.  Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 67 Table of Contents Common Stock Portfolio Industry Sector Distribution   Percent of common stock portfolio   At September 30, 2025 At December 31, 2024 Cincinnati  Financial S&P 500 Industry Weightings Cincinnati Financial S&P 500 Industry Weightings Sector:         Information technology 33.9   % 34.8   % 32.6  % 32.5  % Industrials 14.1   8.3   14.3  8.2  Financial 13.4   13.6   12.4  13.6  Healthcare 10.2   8.9   10.8  10.1  Consumer discretionary 7.5   10.5   7.6  11.2  Consumer staples 6.6   4.9   6.9  5.5  Energy 4.3   2.9   4.2  3.2  Materials 3.8   1.8   4.7  1.9  Utilities 3.1   2.3   3.1  2.3  Real estate 1.9   1.9   2.1  2.1  Communication services 1.2   10.1   1.3  9.4  Total 100.0   % 100.0   % 100.0  % 100.0  %   UNREALIZED INVESTMENT GAINS AND LOSSES At September 30, 2025, unrealized investment gains before taxes for the fixed-maturity portfolio totaled $212 million and unrealized investment losses amounted to $429 million before taxes.   The $217 million net unrealized loss position in our fixed-maturity portfolio at September 30, 2025, decreased in the first nine months of 2025, primarily due to a decrease in U.S. Treasury yields and a slight tightening of corporate credit spreads. The net loss position for our current fixed-maturity holdings will naturally decline over time as individual securities approach maturity. In addition, changes in interest rates can cause rapid, significant changes in fair values of fixed-maturity securities and the net loss position, as discussed in Quantitative and Qualitative Disclosures About Market Risk. For federal income tax purposes, taxes on gains from appreciated investments generally are not due until securities are sold. We believe that the appreciated value of equity securities, compared with the cost of securities that is generally used as a tax basis, is a useful measure to help evaluate how fair value can change over time. On this basis, the net unrealized investment gains at September 30, 2025, consisted of a net gain position in our equity portfolio of $8.393 billion. Events or factors such as economic growth or recession can affect the fair value and unrealized investment gains of our equity securities. The five largest holdings in our common stock portfolio at September 30, 2025, were Microsoft, Apple (Nasdaq:AAPL), Broadcom Inc. (Nasdaq:AVGO), JPMorgan Chase & Co (NYSE:JPM), and Abbvie Inc. (NYSE:ABBV), which had a combined fair value of $3.652 billion. Unrealized Investment Losses We expect the number of fixed-maturity securities trading below amortized cost to fluctuate as interest rates rise or fall and credit spreads expand or contract due to prevailing economic conditions. Further, amortized costs for some securities are revised through write-downs recognized in prior periods. At September 30, 2025, 2,831 of the 5,331 fixed-maturity and short-term securities we owned had fair values below amortized cost, compared with 3,723 of the 5,090 securities we owned at year-end 2024. The 2,831 holdings with fair values below amortized cost at September 30, 2025, represented 46.5% of the fair value of our fixed-maturity and short-term investments portfolio and $429 million in unrealized losses. • 2,137 of the 2,831 holdings had fair value between 90% and 100% of amortized cost at September 30, 2025. These primarily consist of securities whose current valuation is largely the result of interest rate factors. The fair value of these 2,137 securities was $7.055 billion, and they accounted for $156 million in unrealized losses. • 677 of the 2,831 holdings had fair value between 70% and 90% of amortized cost at September 30, 2025. We believe the 677 securities will continue to pay interest and ultimately pay principal upon maturity. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 68 Table of Contents The issuers of these 677 securities have strong cash flow to service their debt and meet their contractual obligation to make principal payments. The fair value of these securities was $1.192 billion, and they accounted for $257 million in unrealized losses. • 17 of the 2,831 holdings had fair value below 70% of amortized cost at September 30, 2025. We believe these securities will continue to pay interest and ultimately pay principal upon maturity. The fair value of these securities was $27 million, and they accounted for $16 million in unrealized losses. The table below reviews fair values and unrealized losses by investment category and by the overall duration of the securities' continuous unrealized loss position. (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    At September 30, 2025, applying our invested asset impairment policy, we determined that the total of $429 million, for securities in an unrealized loss position in the table above, was not the result of a credit loss. During the first nine months of 2025, no fixed maturity securities were written down to fair value, due to an intention to be sold. The allowance for credit losses increased $15 million during the first nine months of 2025. During the first nine months of 2024, no fixed maturity securities were written down to fair value, due to an intention to be sold. The increase in the allowance for credit losses was $25 million during the first nine months of 2024. During the full year of 2024, no securities were written down to fair value. At December 31, 2024, 3,723 fixed-maturity and short-term securities with a total unrealized loss of $631 million were in an unrealized loss position. Of that total, 19 securities had fair values below 70% of amortized cost. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 69 Table of Contents The following table summarizes the investment portfolio by severity of decline: (Dollars in millions) Number of issues Amortized cost Fair value Gross unrealized  gain (loss) Gross investment income At September 30, 2025 Taxable fixed maturities: Fair valued below 70% of amortized cost 6  $ 27  $ 17  $ (10) $ 1  Fair valued at 70% to less than 100% of amortized cost 1,373  6,331  6,035  (296) 215  Fair valued at 100% and above of amortized cost 1,365  7,350  7,541  191  266  Investment income on securities sold in current year —  —  —  —  58  Total 2,744  13,708  13,593  (115) 540  Tax-exempt fixed maturities:           Fair valued below 70% of amortized cost 11  16  10  (6) —  Fair valued at 70% to less than 100% of amortized cost 1,441  2,329  2,212  (117) 58  Fair valued at 100% and above of amortized cost 1,134  1,794  1,815  21  44  Investment income on securities sold in current year —  —  —  —  5  Total 2,586  4,139  4,037  (102) 107  Fixed-maturities summary:           Fair valued below 70% of amortized cost 17  43  27  (16) 1  Fair valued at 70% to less than 100% of amortized cost 2,814  8,660  8,247  (413) 273  Fair valued at 100% and above of amortized cost 2,499  9,144  9,356  212  310  Investment income on securities sold in current year —  —  —  —  63  Total 5,330  17,847  17,630  (217) 647  Short-term investments:           Fair valued below 70% of cost —  —  —  —  —  Fair valued at 70% to less than 100% of cost —  —  —  —  —  Fair valued at 100% and above of cost 1  149  149  —  2  Investment income on securities sold in current year —  —  —  —  3  Total 1  149  149  —  5  Fixed maturities and short-term investments summary:           Fair valued below 70% of cost 17   43   27   (16) 1   Fair valued at 70% to less than 100% of cost 2,814   8,660   8,247   (413) 273   Fair valued at 100% and above of cost 2,500   9,293   9,505   212   312   Investment income on securities sold in current year —   —   —   —   66   Total 5,331   $ 17,996   $ 17,779   $ (217) $ 652   At December 31, 2024           Fixed maturities and short-term investments summary:           Fair valued below 70% of amortized cost 19  $ 43  $ 28  $ (15) $ 2  Fair valued at 70% to less than 100% of amortized cost 3,704  13,094  12,478  (616) 461  Fair valued at 100% and above of amortized cost 1,367  3,896  3,974  78  184  Investment income on securities sold in current year —  —  —  —  86  Total 5,090  $ 17,033  $ 16,480  $ (553) $ 733    See our 2024 Annual Report on Form 10-K, Item 7, Critical Accounting Estimates, Asset Impairment, Page 56. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 70 Table of Contents Item 4.        Controls and Procedures Evaluation of Disclosure Controls and Procedures – The company maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (Exchange Act)).   Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. The company's management, with the participation of the company's chief executive officer and chief financial officer, has evaluated the effectiveness of the design and operation of the company's disclosure controls and procedures as of September 30, 2025. Based upon that evaluation, the company's chief executive officer and chief financial officer concluded that the design and operation of the company's disclosure controls and procedures provided reasonable assurance that the disclosure controls and procedures are effective to ensure: • that information required to be disclosed in the company's reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and • that such information is accumulated and communicated to the company's management, including its chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosures. Changes in Internal Control over Financial Reporting – During the three months ended September 30, 2025, there were no changes in our internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 71 Table of Contents Part II – Other Information Item 1.    Legal Proceedings Neither the company nor any of our subsidiaries are involved in any litigation believed to be material other than ordinary, routine litigation incidental to the nature of our business. Item 1A.    Risk Factors Our risk factors have not changed materially since they were described in our 2024 Annual Report on Form 10-K filed February 24, 2025. Investors should not interpret the disclosure of a risk to imply that the risk has not already materialized. More recently, changes in international trade regulation or foreign trade policy, including tariffs, could lead to higher than anticipated inflation and supply chain disruption, which impacts personal and commercial insurance loss costs and premiums. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 72 Table of Contents Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds We did not sell any of our shares that were not registered under the Securities Act during the first nine months of 2025. Our repurchase program does not have an expiration date. On January 26, 2018, an additional 15 million shares were authorized, which expanded our current repurchase program. We have 4,911,006 shares available for purchase under our programs at September 30, 2025. Period Total number  of shares  purchased Average  price paid  per share Total number of shares purchased as part of publicly announced plans or programs Maximum number of shares that may yet be purchased under the plans or programs July 1-31, 2025 —  —  —  5,314,506  August 1-31, 2025 403,500  $ 149.75  403,500  4,911,006  September 1-30, 2025 —  —  —  4,911,006  Totals 403,500  149.75  403,500    Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 73 Table of Contents Item 5.    Other Information Neither the company nor any of our officers or directors adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement as defined by Item 408(a) and Item 408(d) of Regulation S-K during the last fiscal quarter. Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 74 Table of Contents Item 6.    Exhibits Exhibit No. Exhibit Description 3.1 Amended and Restated Articles of Incorporation of Cincinnati Financial Corporation (as of May 29, 2025) 3.2 Amended and Restated Code of Regulations of Cincinnati Financial Corporation, as of May 6, 2023 (incorporated by reference to Exhibit 3.1 filed with the company's Current Report on Form 8-K filed on May 9, 2023) 31A Certification pursuant to Section 302 of the Sarbanes Oxley Act of 2002 – Chief Executive Officer 31B Certification pursuant to Section 302 of the Sarbanes Oxley Act of 2002 – Chief Financial Officer 32 Certification pursuant to Section 906 of the Sarbanes Oxley Act of 2002 101.INS The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document. 101.SCH XBRL Taxonomy Extension Schema Document 101.CAL XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF XBRL Taxonomy Extension Definition Linkbase Document 101.LAB XBRL Taxonomy Extension Label Linkbase Document 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)   Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 75 Table of Contents SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CINCINNATI FINANCIAL CORPORATION Date: October 27, 2025 /S/ Michael J. Sewell Michael J. Sewell, CPA Chief Financial Officer, Executive Vice President and Treasurer (Principal Accounting Officer) Cincinnati Financial Corporation Third-Quarter 2025 10-Q Page 76