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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
 (Mark one)
☑        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. 
For the quarterly period ended March 31, 2026 .
☐        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 April 22, 2026, there were 154,686,742 shares of common stock outstanding.

Table of Contents

CINCINNATI FINANCIAL CORPORATION AND SUBSIDIARIES
FORM 10-Q FOR THE QUARTER ENDED March 31, 2026
 
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
29

           Safe Harbor Statement
29

           Corporate Financial Highlights
32

           Financial Results
40

           Liquidity and Capital Resources
55

           Other Matters
59

     Item 3. Quantitative and Qualitative Disclosures about Market Risk
59

     Item 4. Controls and Procedures
66

Part II – Other Information
67

     Item 1. Legal Proceedings
67

     Item 1A. Risk Factors
67

     Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
68

     Item 5. Other Information
69

     Item 6. Exhibits
70

Cincinnati Financial Corporation First-Quarter 2026 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) March 31, December 31,
2026 2025
Assets    
Investments    
Fixed maturities, at fair value (amortized cost: 2026—$ 18,946 ; 2025—$ 18,304 )
$ 18,545   $ 18,123  
Equity securities, at fair value (cost: 2026—$ 4,426 ; 2025—$ 4,155 )
12,569   12,694  
Short-term investments, at fair value (amortized cost: 2026—$ 49 ; 2025—$ 148 )
49   148  
Other invested assets 838   818  
Total investments 32,001   31,783  
Cash and cash equivalents 1,210   1,431  

Investment income receivable 247   235  
Finance receivable 142   146  
Premiums receivable 3,321   3,142  
Reinsurance recoverable 627   655  
Prepaid reinsurance premiums 95   71  
Deferred policy acquisition costs 1,384   1,344  
Land, building and equipment, net, for company use (accumulated depreciation:
   2026—$ 373 ; 2025—$ 367 )
214   219  
Other assets 982   995  
Separate accounts 988   981  
Total assets $ 41,211   $ 41,002  

Liabilities    
Insurance reserves    
Loss and loss expense reserves $ 11,959   $ 11,507  
Life policy and investment contract reserves 2,965   2,992  
Unearned premiums 5,424   5,254  
Other liabilities 1,567   1,638  
Deferred income tax 1,710   1,833  
Note payable 25   25  
Long-term debt and lease obligations 859   861  
Separate accounts 988   981  
Total liabilities 25,497   25,091  

Commitments and contingent liabilities (Note 12)

Shareholders' Equity    
    Common stock, par value—$ 2 per share; (authorized: 2026 and 2025— 500 million
   shares; issued: 2026 and 2025— 198.3 million shares)
397   397  
Paid-in capital 1,561   1,561  
Retained earnings 16,848   16,719  
Accumulated other comprehensive loss ( 185 ) ( 34 )
    Treasury stock at cost (2026— 43.7 million shares and 2025— 42.9 million shares)
( 2,907 ) ( 2,732 )
Total shareholders' equity 15,714   15,911  
Total liabilities and shareholders' equity $ 41,211   $ 41,002  

 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation First-Quarter 2026 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 March 31,
2026 2025
Revenues    
Earned premiums $ 2,604   $ 2,344  
Investment income, net of expenses 318   280  
Investment gains and losses, net ( 70 ) ( 67 )
Fee revenues 5   5  
Other revenues 6   4  
Total revenues 2,863   2,566  
Benefits and Expenses    
Insurance losses and contract holders' benefits 1,751   1,968  
Underwriting, acquisition and insurance expenses 764   702  
Interest expense 13   13  
Other operating expenses 9   11  
 Total benefits and expenses 2,537   2,694  
Income (Loss) Before Income Taxes 326   ( 128 )
Provision (Benefit) for Income Taxes    
Current 134   ( 42 )
Deferred ( 82 ) 4  
Total provision (benefit) for income taxes 52   ( 38 )
Net Income (Loss) $ 274   $ ( 90 )
Per Common Share    
Net income (loss) — basic $ 1.77   $ ( 0.57 )
Net income (loss) — diluted 1.75   ( 0.57 )

Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
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Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income

(Dollars in millions) Three months ended March 31,
2026 2025
Net Income (Loss) $ 274   $ ( 90 )
Other Comprehensive Income (Loss)    
Change in unrealized gains and losses on investments, net of tax (benefit) of $( 46 ) and $ 14 , respectively
( 174 ) 53  
Amortization of pension actuarial gain and prior service cost, net of tax (benefit) of $ 0 and $ 0 , respectively
( 1 ) ( 1 )
Change in life policy reserves, reinsurance recoverable and other, net of tax (benefit) of $ 6 and $( 3 ), respectively
24   ( 14 )
Other comprehensive income (loss) ( 151 ) 38  
Comprehensive Income (Loss) $ 123   $ ( 52 )

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

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Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Shareholders' Equity
(Dollars in millions) Three months ended March 31,
2026 2025
Common Stock
   Beginning of period $ 397   $ 397  
   Share-based awards —   —  
   End of period 397   397  

Paid-In Capital
   Beginning of period 1,561   1,502  
   Share-based awards ( 17 ) ( 7 )
   Share-based compensation 15   15  
   Other 2   1  
   End of period 1,561   1,511  

Retained Earnings
   Beginning of period 16,719   14,869  

   Net income (loss) 274   ( 90 )
Dividends declared ( 145 ) ( 135 )
   End of period 16,848   14,644  

Accumulated Other Comprehensive Loss
   Beginning of period ( 34 ) ( 309 )

   Other comprehensive income (loss) ( 151 ) 38  
   End of period ( 185 ) ( 271 )

Treasury Stock
   Beginning of period ( 2,732 ) ( 2,524 )
   Share-based awards 10   6  
   Shares acquired - share repurchase authorization ( 179 ) ( 42 )
   Shares acquired - share-based compensation plans ( 6 ) ( 3 )

   End of period ( 2,907 ) ( 2,563 )

      Total Shareholders' Equity $ 15,714   $ 13,718  

(In millions, except per common share)
Common Stock - Shares Outstanding
   Beginning of period 155.4   156.4  
   Share-based awards 0.3   0.2  
   Shares acquired - share repurchase authorization ( 1.1 ) ( 0.3 )

   End of period 154.6   156.3  

Dividends declared per common share $ 0.94   $ 0.87  

Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
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Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows

 (Dollars in millions) Three months ended March 31,
2026 2025
Cash Flows From Operating Activities    
Net income (loss) $ 274   $ ( 90 )
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and other 40   47  
Investment gains and losses, net 75   74  

Interest credited to contract holders 11   11  
Deferred income tax expense ( 82 ) 4  
Changes in:    

Premiums and reinsurance receivable ( 175 ) ( 502 )
Deferred policy acquisition costs ( 40 ) ( 55 )
Other assets ( 13 ) ( 22 )
Loss and loss expense reserves 452   777  
Life policy and investment contract reserves 18   5  
Unearned premiums 170   255  
Other liabilities ( 187 ) ( 135 )
Current income tax receivable/payable 113   ( 59 )
Net cash provided by operating activities 656   310  
Cash Flows From Investing Activities    
Sale, call or maturity of fixed maturities 1,005   497  

Sale of equity securities 454   17  
Purchase of fixed maturities ( 1,629 ) ( 717 )
Purchase of equity securities ( 400 ) ( 22 )

Change in short-term investments, net 101   200  
Changes in finance receivables 3   ( 3 )

Investment in building and equipment ( 2 ) ( 3 )
Change in other invested assets, net ( 25 ) ( 27 )
Net cash used in investing activities ( 493 ) ( 58 )
Cash Flows From Financing Activities    
Payment of cash dividends to shareholders ( 133 ) ( 125 )
Shares acquired - share repurchase authorization ( 179 ) ( 42 )

Proceeds from stock options exercised 5   4  
Contract holders' funds deposited 16   14  
Contract holders' funds withdrawn ( 39 ) ( 40 )
Other ( 54 ) ( 36 )
Net cash used in financing activities ( 384 ) ( 225 )
Net change in cash and cash equivalents ( 221 ) 27  
Cash and cash equivalents at beginning of year 1,431   983  
Cash and cash equivalents at end of period $ 1,210   $ 1,010  
Supplemental Disclosures of Cash Flow Information:    

Income taxes paid 4   2  
Noncash Activities    

Equipment acquired under finance lease obligations $ 3   $ 8  
Share-based compensation 27   13  
Other assets and other liabilities 38   100  

 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
 

NOTE 1 — Accounting Policies
The condensed consolidated financial statements include the accounts of Cincinnati Financial Corporation and its consolidated subsidiaries, each of which is wholly owned. These statements are presented in conformity with accounting principles generally accepted in the United States of America (GAAP). All intercompany balances and transactions have been eliminated in consolidation.
 
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Our actual results could differ from those estimates. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been condensed or omitted.
 
Our March 31, 2026, condensed consolidated financial statements are unaudited. We believe that we have made all adjustments, consisting only of normal recurring accruals, that are necessary for fair presentation. These condensed consolidated financial statements should be read in conjunction with our consolidated financial statements included in our 2025 Annual Report on Form 10-K. The results of operations for interim periods do not necessarily indicate results to be expected for the full year.

Pending Accounting Updates

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

ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software
In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software . ASU 2025-06 modernizes the accounting for internal-use software costs by eliminating references to prescriptive and sequential software development stages and updating the cost capitalization criteria. The effective date of ASU 2025-06 is for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The ASU has not yet been adopted and will not have a material impact on our company’s consolidated financial position, results of operations or cash flows.

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NOTE 2 – Investments
The following table provides amortized cost, gross unrealized gains, gross unrealized losses and fair value for our fixed-maturity and short-term investments:

(Dollars in millions) Amortized
cost Gross unrealized Fair value
At March 31, 2026 gains losses
Fixed-maturity:        
Corporate $ 10,209   $ 100   $ 274   $ 10,035  
States, municipalities and political subdivisions 5,073   22   221   4,874  
Government-sponsored enterprises 2,535   1   25   2,511  
Asset-backed 769   7   10   766  
United States government 332   1   2   331  
Foreign government 28   —   —   28  

Total fixed-maturity 18,946   131   532   18,545  

Short-term 49   —   —   49  
Total fixed-maturity and short-term investments $ 18,995   $ 131   $ 532   $ 18,594  
At December 31, 2025        
Fixed-maturity:        
Corporate $ 9,750   $ 164   $ 203   $ 9,711  
States, municipalities and political subdivisions 5,065   35   181   4,919  
Government-sponsored enterprises 2,360   3   4   2,359  
Asset-backed 793   12   8   797  
United States government 312   2   1   313  
Foreign government 24   —   —   24  

Total fixed-maturity 18,304   216   397   18,123  
Short-term 148   —   —   148  

Total fixed-maturity and short-term investments $ 18,452   $ 216   $ 397   $ 18,271  

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

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

(Dollars in millions) Less than 12 months 12 months or more Total
At March 31, 2026 Fair
value Unrealized
losses Fair
value Unrealized
losses Fair
value Unrealized
losses
Fixed-maturity:            
Corporate $ 3,031   $ 55   $ 2,767   $ 219   $ 5,798   $ 274  
States, municipalities and political subdivisions 808   7   2,319   214   3,127   221  
Government-sponsored enterprises 2,018   23   97   2   2,115   25  
Asset-backed 157   3   185   7   342   10  
United States government 126   1   20   1   146   2  
Foreign government 15   —   —   —   15   —  
Total fixed-maturity $ 6,155   $ 89   $ 5,388   $ 443   $ 11,543   $ 532  

At December 31, 2025            
Fixed-maturity:            
Corporate $ 849   $ 15   $ 2,926   $ 188   $ 3,775   $ 203  
States, municipalities and political subdivisions 204   2   2,346   179   2,550   181  
Government-sponsored enterprises 983   3   195   1   1,178   4  
Asset-backed 101   2   184   6   285   8  
United States government 69   —   20   1   89   1  

Total fixed-maturity $ 2,206   $ 22   $ 5,671   $ 375   $ 7,877   $ 397  

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

(Dollars in millions) Amortized
cost Fair
value % of fair
value
At March 31, 2026
Maturity dates:      
Due in one year or less $ 840   $ 838   4.5   %
Due after one year through five years 3,437   3,428   18.4  
Due after five years through ten years 4,790   4,756   25.6  
Due after ten years 9,928   9,572   51.5  
Total $ 18,995   $ 18,594   100.0   %

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

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

(Dollars in millions) Three months ended March 31,
2026 2025
Investment income:
Interest $ 235   $ 210  
Dividends 76   67  
Other 12   7  
Total 323   284  
Less investment expenses 5   4  
Total $ 318   $ 280  

Investment gains and losses, net:    
Equity securities:    
Investment gains and losses on securities sold, net $ 33   $ ( 1 )
Unrealized gains and losses on securities still held, net ( 104 ) ( 71 )
Subtotal ( 71 ) ( 72 )
Fixed-maturity securities:    
Gross realized gains 2   —  
Gross realized losses ( 1 ) —  
Change in allowance for credit losses, net ( 1 ) ( 2 )

Subtotal —   ( 2 )

Other 1   7  

Total $ ( 70 ) $ ( 67 )

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

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

There were 3,356 and 2,597 fixed-maturity investments in a total unrealized loss position of $ 532  million and $ 397  million at March 31, 2026, and December 31, 2025, respectively. Of those totals, 17  and  13  fixed-maturity securities had fair values below  70 % of amortized cost at March 31, 2026, and December 31, 2025, respectively.
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NOTE 3 – Fair Value Measurements
In accordance with accounting guidance for fair value measurements and disclosures, we categorized our financial instruments, based on the priority of the observable and market-based data for the valuation technique used, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices with readily available independent data in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable market inputs (Level 3). When various inputs for measurement fall within different levels of the fair value hierarchy, the lowest observable input that has a significant impact on fair value measurement is used. Our valuation techniques have not changed from those used at December 31, 2025, and ultimately management determines fair value. See our 2025 Annual Report on Form 10-K, Item 8, Note 3, Fair Value Measurements, Page 134, for information on characteristics and valuation techniques used in determining fair value.

Fair Value Disclosures for Assets
The following tables illustrate the fair value hierarchy for those assets measured at fair value on a recurring basis at March 31, 2026, and December 31, 2025. We do not have any liabilities carried at fair value.

(Dollars in millions) Level 1 Level 2 Level 3 Total
At March 31, 2026
Fixed maturities, available for sale:        
Corporate $ —   $ 10,035   $ —   $ 10,035  
States, municipalities and political subdivisions —   4,874   —   4,874  
Government-sponsored enterprises —   2,511   —   2,511  
Asset-backed —   766   —   766  
United States government 331   —   —   331  
Foreign government —   28   —   28  

Subtotal 331   18,214   —   18,545  
Common equities 12,260   —   —   12,260  
Nonredeemable preferred equities —   309   —   309  
Separate accounts taxable fixed maturities 64   890   —   954  
Short-term investments 49   —   —   49  
Top Hat savings plan mutual funds and common
   equity (included in Other assets) 99   —   —   99  
Total $ 12,803   $ 19,413   $ —   $ 32,216  

At December 31, 2025
Fixed maturities, available for sale:        
Corporate $ —   $ 9,711   $ —   $ 9,711  
States, municipalities and political subdivisions —   4,919   —   4,919  
Government-sponsored enterprises —   2,359   —   2,359  
Asset-backed —   797   —   797  
United States government 313   —   —   313  
Foreign government —   24   —   24  

Subtotal 313   17,810   —   18,123  
Common equities 12,373   —   —   12,373  
Nonredeemable preferred equities —   321   —   321  
Separate accounts taxable fixed maturities 35   872   —   907  
Short-term investments 148   —   —   148  
Top Hat savings plan mutual funds and common
  equity (included in Other assets) 102   —   —   102  
Total $ 12,971   $ 19,003   $ —   $ 31,974  

 
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We also held Level 1 cash and cash equivalents of $ 1.210 billion and $ 1.431 billion at March 31, 2026, and December 31, 2025, respectively.

Fair Value Disclosures for Assets and Liabilities Not Carried at Fair Value  
The disclosures below are presented to provide information about the effects of current market conditions on financial instruments that are not reported at fair value in our condensed consolidated financial statements.
 
This table summarizes the book value and principal amounts of our long-term debt:

(Dollars in millions)   Book value Principal amount
Interest
rate Year of 
issue   March 31, December 31, March 31, December 31,
  2026 2025 2026 2025
6.900 % 1998 Senior debentures, due 2028 $ 27   $ 27   $ 28   $ 28  
6.920 % 2005 Senior debentures, due 2028 391   391   391   391  
6.125 % 2004 Senior notes, due 2034 373   372   374   374  
Total   $ 791   $ 790   $ 793   $ 793  

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

(Dollars in millions) Level 1 Level 2 Level 3 Total
At March 31, 2026
Note payable $ —   $ 25   $ —   $ 25  
6.900 % senior debentures, due 2028
—   29   —   29  
6.920 % senior debentures, due 2028
—   411   —   411  
6.125 % senior notes, due 2034
—   394   —   394  
Total $ —   $ 859   $ —   $ 859  

At December 31, 2025
Note payable $ —   $ 25   $ —   $ 25  
6.900 % senior debentures, due 2028
—   29   —   29  
6.920 % senior debentures, due 2028
—   416   —   416  
6.125 % senior notes, due 2034
—   404   —   404  
Total $ —   $ 874   $ —   $ 874  

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

(Dollars in millions) Level 1 Level 2 Level 3 Total
At March 31, 2026
Life policy loans $ —   $ —   $ 43   $ 43  

Deferred annuities $ —   $ —   $ 518   $ 518  
Structured settlements —   119   —   119  
Total $ —   $ 119   $ 518   $ 637  

At December 31, 2025
Life policy loans $ —   $ —   $ 43   $ 43  

Deferred annuities $ —   $ —   $ 530   $ 530  
Structured settlements —   123   —   123  
Total $ —   $ 123   $ 530   $ 653  

 
Outstanding principal and interest for these life policy loans totaled $ 39  million and $ 38 million at March 31, 2026, and December 31, 2025, respectively.
 
Recorded reserves for the deferred annuities were $ 546 million and $ 554 million at March 31, 2026, and December 31, 2025, respectively. Recorded reserves for the structured settlements were $ 110  million and $ 111  million at March 31, 2026, and December 31, 2025, respectively.

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NOTE 4 – Property Casualty Loss and Loss Expenses
This table summarizes activity for our consolidated property casualty loss and loss expense reserves:

(Dollars in millions) Three months ended March 31,
2026 2025
Gross loss and loss expense reserves, beginning of period $ 11,450   $ 9,937  
Less reinsurance recoverable 438   269  
Net loss and loss expense reserves, beginning of period 11,012   9,668  

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

 
We use actuarial methods, models and judgment to estimate, as of a financial statement date, the property casualty loss and loss expense reserves required to pay for and settle all outstanding insured claims, including incurred but not reported (IBNR) claims, as of that date. The actuarial estimate is subject to review and adjustment by an inter-departmental committee that includes actuarial, claims, underwriting, loss prevention and accounting management. This committee is familiar with relevant company and industry business, claims and underwriting trends, as well as general economic and legal trends that could affect future loss and loss expense payments. The amount we will actually have to pay for claims can be highly uncertain. This uncertainty, together with the size of our reserves, makes the loss and loss expense reserves our most significant estimate. The reserve for loss and loss expenses in the condensed consolidated balance sheets also included $ 75 million and $ 73 million at March 31, 2026, and 2025, respectively, for certain life and health loss and loss expense reserves.

We experienced $ 81 million of favorable development on prior accident years, including $ 53 million of favorable development in commercial lines, $ 7 million of favorable development in personal lines and $ 8 million of favorable development in excess and surplus lines for the three months ended March 31, 2026. Within commercial lines, we recognized favorable reserve development of $ 30 million for the commercial property line and $ 9  million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. Within personal lines, we recognized favorable reserve development of $ 15 million for the homeowner line and unfavorable reserve development of $ 10 million in personal auto.

We experienced $ 91 million of favorable development on prior accident years, including $ 43 million of favorable development in commercial lines, $ 19 million of favorable development in personal lines and $ 9  million of favorable development in excess and surplus lines for the three months ended March 31, 2025. Within commercial lines, we recognized favorable reserve development of $ 35 million for the commercial property line and $ 11  million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. Within personal lines, we recognized favorable reserve development of $ 19 million for the homeowner line.
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NOTE 5 – Life Policy and Investment Contract Reserves
We establish the reserves for traditional life policies including term, whole life and other products based on the present value of future benefits and claim expenses less the present value of future net premiums. Net premium is the portion of gross premium required to pro vide for all benefits and claim expenses. We estimate future benefits and claim expenses and net premium using certain cash flow assumptions including mortality, morbidity and lapse rates as well as a discount rate assumption. The cash flow assumptions are established based on our current expectations and are reviewed annually, typically in the second quarter, to determine any necessary updates. These assumptions are also updated on an interim basis if evidence suggests that they should be revised. We use both our own experience and industry experience, adjusted for historical trends, in arriving at our cash flow assumptions. The discount rate assumption is based on upper-medium grade fixed-income instrument yields (market value discount rates) and is updated quarterly. Changes in the inputs, judgments and assumptions during the period and the related measurement impact on the liability are reflected in the below tables.
 
We establish reserves for our universal life, deferred annuity and other investment contracts equal to the cumulative account balances, which include premium deposits plus credited interest less charges and withdrawals. Some of our universal life policies contain no-lapse guarantee provisions. For these policies, we establish a reserve in addition to the account balance, based on expected no-lapse guarantee benefits and expected policy assessments.

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

(Dollars in millions) March 31, 2026 December 31, 2025
Life policy reserves:
Term $ 1,088   $ 1,103  
Whole life 420   426  
Other 102   100  
Subtotal 1,610   1,629  
Investment contract reserves:
Deferred annuities 546   554  
Universal life 590   589  
Structured settlements 110   111  
Other 109   109  
Subtotal 1,355   1,363  
Total life policy and investment contract reserves $ 2,965   $ 2,992  

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

(Dollars in millions) Three months ended March 31,
2026 2025
Term Whole life Term Whole life
Present value of expected net premiums:
Balance, beginning of period $ 1,709   $ 225   $ 1,638   $ 218  
Beginning balance at original discount rate 1,743   228   1,719   228  
Effect of changes in cash flow assumptions —   —   —   —  
Effect of actual variances from expected experience ( 6 ) —   ( 8 ) —  
Adjusted beginning of period balance 1,737   228   1,711   228  
Issuances 39   4   35   3  
Interest accrual 19   2   19   3  
Net premiums collected ( 46 ) ( 7 ) ( 46 ) ( 7 )
Ending balance at original discount rate 1,749   227   1,719   227  
Effect of changes in discount rate assumptions ( 61 ) ( 6 ) ( 60 ) ( 7 )
Balance, end of period 1,688   221   1,659   220  

Present value of expected future policy benefits:
Balance, beginning of period 2,794   650   2,668   623  
Beginning balance at original discount rate 2,863   662   2,812   646  
Effect of changes in cash flow assumptions —   —   —   —  
Effect of actual variances from expected experience ( 7 ) —   ( 14 ) —  
Adjusted beginning of period balance 2,856   662   2,798   646  
Issuances 39   4   36   3  
Interest accrual 32   8   32   9  
Benefits paid ( 50 ) ( 8 ) ( 54 ) ( 10 )
Ending balance at original discount rate 2,877   666   2,812   648  
Effect of changes in discount rate assumptions ( 117 ) ( 26 ) ( 109 ) ( 17 )
Balance, end of period 2,760   640   2,703   631  

Net liability for future policy benefits:
Present value of expected future policy benefits less expected net premiums 1,072   419   1,044   411  
Impact of flooring at cohort level 16   1   20   1  
Net life policy reserves 1,088   420   1,064   412  
Less reinsurance recoverable at original discount rate ( 65 ) ( 25 ) ( 82 ) ( 25 )
Less effect of discount rate assumption changes on reinsurance recoverable ( 6 ) ( 3 ) ( 8 ) ( 3 )
Net life policy reserves, after reinsurance recoverable $ 1,017   $ 392   $ 974   $ 384  

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

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

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

(Dollars in millions) At March 31,
2026 2025
Undiscounted Discounted Undiscounted Discounted
Term
Expected future benefit payments $ 5,065   $ 2,760   $ 4,894   $ 2,703  
Expected future gross premiums 4,727   2,738   4,561   2,658  
Whole life
Expected future benefit payments $ 1,758   $ 640   $ 1,719   $ 631  
Expected future gross premiums 706   422   692   415  

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

(Dollars in millions) Three months ended March 31,
2026 2025
Gross premiums
Term $ 77   $ 74  
Whole life 14   13  

Total $ 91   $ 87  
Interest accretion
Term $ 13   $ 13  
Whole life 6   6  

Total $ 19   $ 19  

Adverse development that resulted in an immediate charge to income due to net premiums exceeding gross premiums was immaterial for the three months ended March 31, 2026, and 2025 .

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

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

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

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

(Dollars in millions) Three months ended March 31,
2026 2025
Deferred annuity Universal life Deferred annuity Universal life
Balance, beginning of period $ 554   $ 451   $ 595   $ 456  
Premiums received 6   9   4   10  
Policy charges —   ( 10 ) —   ( 10 )
Surrenders and withdrawals ( 15 ) ( 5 ) ( 17 ) ( 3 )
Benefit payments ( 4 ) ( 1 ) ( 5 ) ( 1 )
Interest credited 5   5   5   5  

Balance, end of period $ 546   $ 449   $ 582   $ 457  

Weighted average crediting rate 3.75   % 4.42   % 3.68   % 4.40   %
Net amount at risk $ —   $ 3,642   $ —   $ 3,801  
Cash surrender value 539   423   575   428  

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

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

(Dollars in millions) At guaranteed minimum 1 to 50 basis points above 51-150 basis points above Greater than 150 basis points Total
At March 31, 2026
Deferred annuity
1.00-3.00% $ 204   $ 43   $ 14   $ 242   $ 503  
3.01-4.00% 43   —   —   —   43  

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

At March 31, 2025
Deferred annuity
1.00-3.00% $ 2   $ 286   $ 15   $ 233   $ 536  
3.01-4.00% 46   —   —   —   46  

Total $ 48   $ 286   $ 15   $ 233   $ 582  
Universal life
1.00-3.00% $ —   $ 55   $ 65   $ 6   $ 126  
3.01-4.00% 50   —   5   —   55  
Greater than 4.00% 276   —   —   —   276  
Total $ 326   $ 55   $ 70   $ 6   $ 457  

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

(Dollars in millions) Three months ended March 31,
2026 2025
Balance, beginning of period $ 138   $ 130  

Balance, beginning of period before shadow reserve adjustments 138   131  
Effect of changes in cash flow assumptions —   —  
Effect of actual variances from expected experience 1   2  
Adjusted beginning of period balance 139   133  
Interest accrual 1   1  
Excess death benefits ( 2 ) ( 7 )
Attributed assessments 3   3  

Effect of changes in interest rate assumptions 1   1  
Balance, end of period before shadow reserve adjustments 142   131  
Shadow reserve adjustments ( 1 ) ( 1 )
Balance, end of period 141   130  
Less reinsurance recoverable, end of period 5   8  

Net other additional liability, after reinsurance recoverable $ 146   $ 138  

Weighted-average duration of the other additional liability in years 25 29

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

(Dollars in millions) Three months ended March 31,
2026 2025
Balance, beginning of period $ 981   $ 952  
Interest credited before policy charges 11   11  

Benefit payments ( 1 ) ( 8 )

Other ( 3 ) 4  
Balance, end of period $ 988   $ 959  

Cash surrender value $ 986   $ 949  

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NOTE 6 – Deferred Policy Acquisition Costs
Expenses directly related to successfully acquired insurance policies – primarily commissions, premium taxes and underwriting costs – are deferred and amortized over the terms of the policies. We update our acquisition cost assumptions periodically to reflect actual experience. For property casualty, we evaluate the costs for recoverability. No premium deficiencies were recorded in the condensed consolidated statements of income, as the sum of the anticipated loss and loss expenses, policyholder dividends and unamortized deferred acquisition expenses did not exceed the related unearned premiums and anticipated investment income.

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

(Dollars in millions) Three months ended March 31,
2026 2025
Property casualty:
Deferred policy acquisition costs asset, beginning of period $ 974   $ 886  
Capitalized deferred policy acquisition costs 512   485  
Amortized deferred policy acquisition costs ( 475 ) ( 434 )
Deferred policy acquisition costs asset, end of period $ 1,011   $ 937  

Life:
Deferred policy acquisition costs asset, beginning of period $ 370   $ 356  
Capitalized deferred policy acquisition costs 11   12  
Amortized deferred policy acquisition costs ( 8 ) ( 8 )

Deferred policy acquisition costs asset, end of period $ 373   $ 360  

Consolidated:
Deferred policy acquisition costs asset, beginning of period $ 1,344   $ 1,242  
Capitalized deferred policy acquisition costs 523   497  
Amortized deferred policy acquisition costs ( 483 ) ( 442 )

Deferred policy acquisition costs asset, end of period $ 1,384   $ 1,297  

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

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

Three months ended March 31, 2025
Balance, beginning of period $ 245   $ 52   $ 8   $ 51   $ 356  
Capitalized deferred policy acquisition costs 9   2   —   1   12  
Amortized deferred policy acquisition costs ( 6 ) ( 1 ) —   ( 1 ) ( 8 )
Balance, end of period $ 248   $ 53   $ 8   $ 51   $ 360  

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NOTE 7 – Accumulated Other Comprehensive Income
Accumulated other comprehensive income (AOCI) includes changes in unrealized gains and losses on investments, changes in pension obligations and changes in life policy reserves, reinsurance recoverable and other as follows:

(Dollars in millions) Three months ended March 31,
2026 2025
Before tax Income tax Net Before tax Income tax Net
Investments:
AOCI, beginning of period $ ( 181 ) $ ( 40 ) $ ( 141 ) $ ( 553 ) $ ( 119 ) $ ( 434 )

OCI before investment gains and losses, net, recognized in net income ( 220 ) ( 46 ) ( 174 ) 65   14   51  
Investment gains and losses, net, recognized in net income —   —   —   2   —   2  
OCI ( 220 ) ( 46 ) ( 174 ) 67   14   53  
AOCI, end of period $ ( 401 ) $ ( 86 ) $ ( 315 ) $ ( 486 ) $ ( 105 ) $ ( 381 )

Pension obligations:
AOCI, beginning of period $ 85   $ 19   $ 66   $ 75   $ 17   $ 58  
OCI excluding amortization recognized in net income —   —   —   —   —   —  
Amortization recognized in net income ( 1 ) —   ( 1 ) ( 1 ) —   ( 1 )
OCI ( 1 ) —   ( 1 ) ( 1 ) —   ( 1 )
AOCI, end of period $ 84   $ 19   $ 65   $ 74   $ 17   $ 57  

Life policy reserves, reinsurance recoverable and other:
AOCI, beginning of period $ 52   $ 11   $ 41   $ 85   $ 18   $ 67  

OCI before investment gains and losses, net, recognized in net income 30   6   24   ( 17 ) ( 3 ) ( 14 )
Investment gains and losses, net, recognized in net income —   —   —   —   —   —  
OCI 30   6   24   ( 17 ) ( 3 ) ( 14 )
AOCI, end of period $ 82   $ 17   $ 65   $ 68   $ 15   $ 53  

Summary of AOCI:
AOCI, beginning of period $ ( 44 ) $ ( 10 ) $ ( 34 ) $ ( 393 ) $ ( 84 ) $ ( 309 )

Investments OCI ( 220 ) ( 46 ) ( 174 ) 67   14   53  
Pension obligations OCI ( 1 ) —   ( 1 ) ( 1 ) —   ( 1 )
Life policy reserves, reinsurance recoverable and other OCI 30   6   24   ( 17 ) ( 3 ) ( 14 )
Total OCI ( 191 ) ( 40 ) ( 151 ) 49   11   38  
AOCI, end of period $ ( 235 ) $ ( 50 ) $ ( 185 ) $ ( 344 ) $ ( 73 ) $ ( 271 )

Investment gains and losses, net, and other investment gains and losses, net, are recorded in the investment gains and losses, net, line item in the condensed consolidated statements of income. Amortization of pension obligations is recorded in the insurance losses and contract holders' benefits and underwriting, acquisition and insurance expenses line items in the condensed consolidated statements of income.
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NOTE 8 – Reinsurance
Primary components of our property casualty reinsurance assumed operations include involuntary and voluntary assumed as well as contracts from our reinsurance assumed operations, known as Cincinnati Re. Primary components of our ceded reinsurance include a property per risk treaty, property excess treaty, casualty per occurrence treaty, casualty excess treaty, property catastrophe treaties and catastrophe bonds and retrocessions on our reinsurance assumed operations. Management’s decisions about the appropriate level of risk retention are affected by various factors, including changes in our underwriting practices, capacity to retain risks and reinsurance market conditions.

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

(Dollars in millions) Three months ended March 31,
2026 2025
Direct written premiums $ 2,507   $ 2,388  
Assumed written premiums 281   303  
Ceded written premiums ( 120 ) ( 196 )
Net written premiums $ 2,668   $ 2,495  

Direct earned premiums $ 2,448   $ 2,247  
Assumed earned premiums 167   190  
Ceded earned premiums ( 96 ) ( 173 )
Earned premiums $ 2,519   $ 2,264  

Direct incurred loss and loss expenses $ 1,595   $ 2,149  
Assumed incurred loss and loss expenses 81   236  
Ceded incurred loss and loss expenses ( 9 ) ( 498 )
Incurred loss and loss expenses $ 1,667   $ 1,887  

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

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

(Dollars in millions) Three months ended March 31,
2026 2025
Direct earned premiums $ 105   $ 99  

Ceded earned premiums ( 20 ) ( 19 )
Earned premiums $ 85   $ 80  

Direct contract holders' benefits incurred $ 99   $ 94  

Ceded contract holders' benefits incurred ( 15 ) ( 13 )
Contract holders' benefits incurred $ 84   $ 81  

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

The allowance for uncollectible property casualty premiums receivable was $ 18  million at both March 31, 2026, and December 31, 2025. The allowances for credit losses on other premiums receivable and reinsurance recoverable assets were immaterial at March 31, 2026, and December 31, 2025.
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NOTE 9 – Income Taxes
The differences between the 21 % statutory federal income tax rate and our effective income tax rate were as follows:

(Dollars in millions) Three months ended March 31,
2026 2025
Tax at statutory rate: $ 68   21.0   % $ ( 27 ) 21.0   %
Increase (decrease) resulting from:        
Nontaxable or nondeductible items
Tax-exempt income from municipal bonds ( 6 ) ( 1.8 ) ( 5 ) 3.9  
Dividend received exclusion ( 6 ) ( 1.8 ) ( 5 ) 3.9  
Other nontaxable or nondeductible items ( 1 ) ( 0.3 ) 2   ( 1.6 )
Other ( 3 ) ( 1.1 ) ( 3 ) 2.5  
Provision (benefit) for income taxes $ 52   16.0   % $ ( 38 ) 29.7   %

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

We continue to believe that after considering all positive and negative evidence of taxable income in the carryback and carryforward periods as permitted by law, it is more likely than not that all of the deferred tax assets on our U.S. domestic operations and those related to Cincinnati Global Underwriting Ltd. SM (Cincinnati Global) will be realized. As a result, we have no valuation allowance for our U.S. domestic operations or Cincinnati Global at both March 31, 2026, and December 31, 2025.

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

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NOTE 10 – Net Income (Loss) Per Common Share
Basic earnings per share are computed based on the weighted average number of common shares outstanding. Diluted earnings per share are computed based on the weighted average number of common and dilutive potential common shares outstanding using the treasury stock method. The table shows calculations for basic and diluted earnings per share:

(In millions, except per share data) Three months ended March 31,
2026 2025
Numerator:    
Net income (loss)—basic and diluted
$ 274   $ ( 90 )
Denominator:    
Basic weighted-average common shares outstanding 155.3   156.4  
Effect of share-based awards:    
Stock options 1.2   —  
Nonvested shares 0.5   —  
Diluted weighted-average shares 157.0   156.4  
Earnings (loss) per share:    
Basic $ 1.77   $ ( 0.57 )
Diluted $ 1.75   $ ( 0.57 )
Number of anti-dilutive share-based awards 0.5   1.7  

The source of dilution of our common shares are certain equity-based awards. See our 2025 Annual Report on Form 10-K, Item 8, Note 17, Share-Based Associate Compensation Plans, Page 169, for information about share-based awards. The above table shows the number of anti-dilutive share-based awards for the three months ended March 31, 2026 and 2025. In accordance with Accounting Standards Codification 260, Earnings per Share , the assumed exercise of share-based awards was excluded from the computation of diluted loss per share for the three months ended March 31, 2025, because their exercise would have anti-dilutive effects.

NOTE 11 – Employee Retirement Benefits
The following summarizes the components of net periodic benefit for our qualified and supplemental pension plans:

(Dollars in millions) Three months ended March 31,
2026 2025
Service cost $ 1   $ 1  
Non-service (benefit) costs:
Interest cost 4   4  
Expected return on plan assets ( 6 ) ( 6 )
Amortization of actuarial gain and prior service cost ( 1 ) ( 1 )

 Total non-service benefit ( 3 ) ( 3 )
Net periodic benefit $ ( 2 ) $ ( 2 )

See our 2025 Annual Report on Form 10-K, Item 8, Note 13, Employee Retirement Benefits, Page 163, for information on our retirement benefits. The net periodic benefit is allocated in the same proportion primarily to the underwriting, acquisition and insurance expenses line item with the remainder allocated to the insurance losses and contract holders' benefits line item on the condensed consolidated statements of income for both 2026 and 2025.

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

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

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NOTE 12 – Commitments and Contingent Liabilities
The company, through its insurance subsidiaries, is involved in claims litigation arising in the ordinary course of conducting its business, both as a liability insurer defending third-party claims brought against insureds and as an insurer defending against coverage claims. The company accounts for such activity through the establishment of unpaid loss and loss expense reserves. Subject to the uncertainties discussed in Note 4, Property Casualty Loss and Loss Expenses, and in the discussion in the balance of this Note, we believe that the ultimate liability, if any, with respect to such ordinary-course claims litigation, after consideration of provisions made for potential losses, costs of defense, and reinsurance recoveries, is immaterial to our consolidated financial position, results of operations and cash flows.

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

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

NOTE 13 – Segment Information
We operate primarily in two industries, property casualty insurance and life insurance. Our chief operating decision maker (CODM) is the chief executive officer who regularly reviews our reporting segments to make decisions about allocating resources and assessing performance. Our five reporting segments are:
• Commercial lines insurance
• Personal lines insurance
• Excess and surplus lines insurance
• Life insurance
• Investments

We report as Other the noninvestment operations of the parent company and its noninsurer subsidiary, CFC Investment Company. We also report as Other the underwriting results of Cincinnati Re and Cincinnati Global. See our 2025 Annual Report on Form 10-K, Item 8, Note 18, Segment Information, Page 172, for a description of revenue, income or loss before inco me taxes, including its components, an d identifiable assets for each of the  five  segments.

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Segment information is summarized in the following table: 

(Dollars in millions) Three months ended March 31,
2026 2025

Commercial lines insurance    

Commercial lines insurance premiums $ 1,241   $ 1,179  
Fee revenues 1   2  
Total commercial lines insurance revenues 1,242   1,181  
Loss and loss expenses 847   735  
Underwriting expenses 377   349  
Total commercial lines income before income taxes 18   97  

Personal lines insurance    

Personal lines insurance premiums 873   698  
Fee revenues 2   1  
Total personal lines insurance revenues 875   699  
Loss and loss expenses 607   846  
Underwriting expenses 238   210  
Total personal lines income (loss) before income taxes 30   ( 357 )

Excess and surplus lines insurance
Excess and surplus lines insurance premiums 180   162  
Fee revenues 1   1  
Total excess and surplus lines insurance revenues 181   163  
Loss and loss expenses 110   99  
Underwriting expenses 50   44  
Total excess and surplus lines income before income taxes 21   20  

Life insurance
Life insurance premiums 85   80  
Fee revenues 1   1  
Total life insurance revenues 86   81  
Contract holders' benefits incurred 84   81  
Investment interest credited to contract holders ( 32 ) ( 32 )
Underwriting expenses incurred 23   23  
Total life insurance income before income taxes 11   9  

Investments
    Investment income, net of expenses 318   280  
    Investment gains and losses, net ( 70 ) ( 67 )
Total investment revenue 248   213  
Investment interest credited to contract holders 32   32  
Total investment income before income taxes 216   181  

Reconciliation to condensed consolidated income before income taxes
Total segment revenues 2,632   2,337  
Other earned premiums 225   225  
Other revenues 6   4  
Total revenues 2,863   2,566  
Total segment benefits and expenses 2,336   2,387  
Other loss and loss expenses 103   207  
Other underwriting expenses 76   76  
Other benefits and expenses 22   24  
Total benefits and expenses 2,537   2,694  
Total income (loss) before income taxes $ 326   $ ( 128 )

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Identifiable assets by segment are summarized in the following table:

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

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 2025 Annual Report on Form 10-K. Unless otherwise noted, the industry data is prepared by A.M. Best Co., a leading insurance industry statistical, analytical and financial strength rating organization. Information from A.M. Best is presented on a statutory basis for insurance company regulation in the United States of America. When we provide our results on a comparable statutory basis, we label it as such; all other company data is presented in accordance with accounting principles generally accepted in the United States of America (GAAP).
 
We present per share data on a diluted basis unless otherwise noted, adjusting those amounts for all stock splits and dividends. Dollar amounts are rounded to millions; calculations of percent changes are based on dollar amounts rounded to the nearest million. Certain percentage changes are identified as not meaningful (nm).
 

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

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

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

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

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

Risks and uncertainties are further discussed in other filings with the Securities and Exchange Commission, including our 2025 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 30.
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CORPORATE FINANCIAL HIGHLIGHTS

Net Income and Comprehensive Income Data

(Dollars in millions, except per share data) Three months ended March 31,
2026 2025 % Change
Earned premiums $ 2,604   $ 2,344  11 
Investment income, net of expenses (pretax) 318   280  14 
Investment gains and losses, net (pretax) (70) (67) (4)
Total revenues 2,863   2,566  12 
Net income (loss) 274   (90) nm
Comprehensive income (loss) 123   (52) nm
Net income (loss) per share—diluted 1.75   (0.57) nm
Cash dividends declared per share 0.94   0.87  8 
Diluted weighted average shares outstanding 157.0   156.4  0 

Total revenues increased $297 million for the first quarter of 2026, compared with the first quarter of 2025, primarily due to higher earned premiums and investment income. 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 first quarter of 2026, compared with the first-quarter 2025 net loss, increased $364 million, including increases of $326 million in after-tax property casualty underwriting profit and $31 million in after-tax investment income. Catastrophe losses for the first quarter of 2026, mostly weather related, were $233 million lower after taxes and contributed favorably to both net income and property casualty underwriting profit. Life insurance segment results increased by $2 million on a pretax basis.

Performance by segment is discussed below in Financial Results. As discussed in our 2025 Annual Report on Form 10-K, Item 7, Executive Summary, Page 46, there are several reasons why our performance during 2026 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 2025, the company had increased the annual cash dividend rate for 65 consecutive years, a record we believe is matched by only seven other U.S. publicly traded companies. In January 2026, the board of directors increased the regular quarterly dividend to 94 cents per share, setting the stage for our 66 th consecutive year of increasing cash dividends. During the first three months of 2026, cash dividends declared by the company increased 8% compared with the same period of 2025. Our board regularly evaluates relevant factors in decisions related to dividends and share repurchases. The 2026 dividend increase reflected our strong operating performance and signaled management's and the board's positive outlook and confidence in our outstanding capital, liquidity and financial flexibility.

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Balance Sheet Data and Performance Measures

(Dollars in millions, except share data) At March 31, At December 31,
2026 2025
Total investments $ 32,001   $ 31,783 
Total assets 41,211   41,002 
Short-term debt 25   25 
Long-term debt 791   790 
Shareholders' equity 15,714   15,911 
Book value per share 101.60   102.35 
Debt-to-total-capital ratio 4.9   % 4.9  %

Total assets at March 31, 2026, increased 1% compared with year-end 2025, and included an increase of 1% in total investments that reflected net purchases that were offset by lower fair values for many securities in our equity and fixed maturity portfolios. Shareholders' equity decreased 1% and book value per share also decreased 1% during the first three months of 2026. Our debt-to-total-capital ratio (capital is the sum of debt plus shareholders' equity) matched year-end 2025.

Our value creation ratio is our primary performance metric. As shown in the tables below, that ratio was 0.2% for the first three months of 2026, compared with negative 0.5% for the same period in 2025. The increase was primarily due to an increase in net income before investment gains which was partially offset by a reduction in overall net gains from our investment portfolio. Book value per share decreased $0.75 during the first three months of 2026 and contributed negative 0.7 percentage points to the value creation ratio, while dividends declared at $0.94 per share contributed 0.9 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 March 31,
2026 2025
Value creation ratio major contributors:    
Net income before investment gains 2.1   % (0.3) %
Change in fixed-maturity securities, realized and unrealized gains (1.1) 0.4 
Change in equity securities, investment gains (0.4) (0.4)
Other (0.4) (0.2)
     Value creation ratio 0.2   % (0.5) %

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(Dollars are per share) Three months ended March 31,
2026 2025
Value creation ratio:    
End of period book value* $ 101.60   $ 87.78 
Less beginning of period book value 102.35   89.11 
Change in book value (0.75) (1.33)
Dividend declared to shareholders 0.94   0.87 
Total value creation $ 0.19   $ (0.46)

Value creation ratio from change in book value** (0.7) % (1.5) %
Value creation ratio from dividends declared to shareholders*** 0.9   1.0 
Value creation ratio 0.2   % (0.5) %

    * 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 2025 net written premiums for more than 2,000 U.S. stock and mutual insurance companies. We market our insurance products through a select group of independent insurance agencies as discussed in our 2025 Annual Report on Form 10-K, Item 1, Our Business and Our Strategy, Page 6. At March 31, 2026, we actively marketed through 2,361 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 2025 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 three months of 2026, our consolidated property casualty net written premium year-over-year growth was 7%. As of February 2026, A.M. Best projected the industry's full-year 2026 written premium growth at approximately 4%. For the five-year period 2021 through 2025, 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 three months of 2026, our GAAP combined ratio was 95.6%, including 11.3 percentage points of current accident year catastrophe losses partially offset by 3.2 percentage points of favorable loss reserve development on prior accident years. Our statutory combined ratio was 95.6% for the first three months of 2026. As of February 2026, A.M. Best projected the industry's full-year 2026 statutory combined ratio at approximately 97%, including approximately 8 percentage points of catastrophe losses and a favorable effect of approximately 1 percentage point of loss reserve development on prior accident years. 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 three months of 2026, pretax investment income was $318 million, up 14% compared with the same period in 2025. We believe our investment portfolio mix provides an appropriate balance of income stability and growth with capital appreciation potential.

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Financial Strength
An important part of our long-term strategy is financial strength, which is described in our 2025 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 2025 Annual Report on Form 10-K, Item 7, Liquidity and Capital Resources, 2026 Reinsurance Ceded Programs, Page 102. 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 March 31, 2026, we held $5.584 billion of our cash and cash equivalents and invested assets at the parent-company level, of which $4.964 billion, or 88.9%, was invested in common stocks, and $422 million, or 7.6%, was cash or cash equivalents. Our debt-to-total-capital ratio was 4.9% at March 31, 2026. 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 March 31, 2026, matching year-end 2025.

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 April 24, 2026, our insurance subsidiaries continued to be highly rated.

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

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

(Dollars in millions) Three months ended March 31,
2026 2025 % Change
Earned premiums $ 2,519 $ 2,264 11 
Fee revenues 4 4 0 
Total revenues 2,523 2,268 11 
Loss and loss expenses from:      
Current accident year before catastrophe losses 1,463 1,370 7 
Current accident year catastrophe losses 285 608 (53)
Prior accident years before catastrophe losses (68) (50) (36)
Prior accident years catastrophe losses (13) (41) 68 
Loss and loss expenses 1,667 1,887 (12)
Underwriting expenses 741 679 9 
Underwriting profit (loss) $ 115 $ (298) nm

Ratios as a percent of earned premiums:     Pt. Change
    Current accident year before catastrophe losses 58.1   % 60.5  % (2.4)
    Current accident year catastrophe losses 11.3   26.8  (15.5)
    Prior accident years before catastrophe losses (2.7) (2.2) (0.5)
    Prior accident years catastrophe losses (0.5) (1.8) 1.3 
Loss and loss expenses 66.2   83.3  (17.1)
Underwriting expenses 29.4   30.0  (0.6)
Combined ratio 95.6   % 113.3  % (17.7)

Combined ratio 95.6   % 113.3  % (17.7)
Contribution from catastrophe losses and prior years reserve development 8.1   22.8  (14.7)
Combined ratio before catastrophe losses and prior years reserve development 87.5   % 90.5  % (3.0)

 
Our consolidated property casualty insurance operations generated an underwriting profit of $115 million for the first quarter of 2026. The first-quarter 2026 underwriting profit increase of $413 million, compared with an underwriting loss in first-quarter 2025, included a favorable decrease of $295 million in losses from catastrophes, mostly caused by severe weather, partially offset by a slightly lower amount of total favorable reserve development on prior accident years. The change in underwriting profitability for the first quarter of 2026 also included a favorable effect from higher current accident year loss and loss expenses before catastrophe losses that grew slower than earned premiums. For the first three months of 2026, the combined ratio before catastrophe losses and prior years reserve development improved by 3.0 percentage points compared with the same period of 2025.

Underwriting results for the first quarter of 2026 included improved current accident year loss experience before catastrophe losses, as price increases have helped to offset elevated losses reflecting economic or other forms of inflation. 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. 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. 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 March 31, 2026, were $466 million, or 4%, higher than at year-end 2025, including an increase of $419 million for the incurred but not reported (IBNR) portion.

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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 first quarter of 2026 decreased by 17.7 percentage points, compared with the same period of 2025, including a decrease of 14.2 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 3.2 percentage points in the first three months of 2026, compared with 4.0 percentage points in the same period of 2025. 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 three months of 2026. That 58.1% ratio was 2.4 percentage points lower, compared with the 60.5% accident year 2025 ratio measured as of March 31, 2025, including a decrease of 1.0 points in the ratio for large losses of $2 million or more per claim, discussed below. The ratio improvement of 2.4 percentage points included an increase of 0.3 points for the IBNR portion and a decrease of 2.7 points for the case incurred portion. The improvement also reflected a favorable 1.4 points for the effect of $52 million of net reinstatement premiums in first-quarter 2025 related to the January 2025 wildfires in southern California.
 
The underwriting expense ratio decreased for the first quarter of 2026, compared with the same period a year ago. The decrease was partly due to premium growth outpacing growth in various expenses. The three-month 2026 ratio also included a favorable 0.7 points for the effect of first-quarter 2025 reinstatement premiums. The ratio for both periods also included ongoing expense management efforts.

Consolidated Property Casualty Insurance Premiums

(Dollars in millions) Three months ended March 31,
2026 2025 % Change
Agency renewal written premiums $ 2,045   $ 1,912  7 
Agency new business written premiums 339   383  (11)

Other written premiums 284   200  42 
Net written premiums 2,668   2,495  7 
Unearned premium change (149) (231) 35 
Earned premiums $ 2,519   $ 2,264  11 

 
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 2026, are discussed in more detail by segment below in Financial Results.
 
Consolidated property casualty net written premiums for the three months ended March 31, 2026, grew $173 million compared with the same period of 2025. 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 $44 million for the first three months of 2026, compared with the same period of 2025, due to the personal lines segment. New agency appointments during 2026 and 2025 produced a $19 million increase in new business for the first three months of 2026 compared with the same period of 2025. 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
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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 $1 million to $254 million for the three months ended March 31, 2026, compared with the same period of 2025. The first three months of 2025 included a favorable $12 million of net reinstatement premiums to reinstate treaties affected by the California wildfires. 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 $23 million to $98 million for the three months ended March 31, 2026, compared with the same period of 2025.

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 $76 million for the first three months of 2026, compared with the same period of 2025. Other written premiums for the first quarter of 2025 included a net unfavorable amount of $52 million for reinsurance treaty reinstatement premiums related to the California wildfires, including a favorable $12 million for Cincinnati Re and an unfavorable $64 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 10.8 percentage points to the combined ratio in the first three months of 2026, compared with 25.0 percentage points in the same period of 2025. During the first quarter of 2026, there were no material changes to our estimates of ultimate losses related to the January 2025 California wildfires.

During 2025 and for the first three months of 2026, there was no recovery from reinsurers related to the reinsurance program for Cincinnati Re only effective June 1, 2025. During the first quarter of 2026 there were no material changes to the estimated reinsurance recoveries related to the January 2025 California wildfires recorded as of December 31, 2025. Reinsurance ceded programs are described in our 2025 Annual Report on Form 10-K, Item 7, Liquidity and Capital Resources, 2026 Reinsurance Ceded Programs, Page 102.
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The following table shows consolidated property casualty insurance catastrophe losses and loss expenses incurred, net of reinsurance, as well as the effect of loss development on prior period catastrophe events. We individually list declared catastrophe events for which our incurred losses reached or exceeded $25 million.

Consolidated Property Casualty Insurance Catastrophe Losses and Loss Expenses Incurred

(Dollars in millions, net of reinsurance) Three months ended March 31,
    Comm. Pers. E&S  
Dates Region lines lines lines Other Total
2026  
Jan. 23-29 Midwest, Northeast, South $ 15   $ 29   $ —   $ 2   $ 46  
Mar. 10-12 Midwest, South 10   30   —   —   40  
Mar. 13-14 Midwest, Northeast, South 29   34   —   —   63  
Mar. 26-27 Midwest 35   3   —   —   38  

All other 2026 catastrophes 32   53   1   12   98  
Development on 2025 and prior catastrophes (1) (2) (1) (9) (13)
Calendar year incurred total $ 120   $ 147   $ —   $ 5   $ 272  

2025  

Jan. 7-28 West $ —  $ 325  $ —  $ 124  $ 449 
Mar. 14-17 Midwest, Northeast, South 42  75  1  —  118 

All other 2025 catastrophes 14  23  1  3  41 
Development on 2024 and prior catastrophes (14) (13) (1) (13) (41)
Calendar year incurred total $ 42  $ 410  $ 1  $ 114  $ 567 

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

(Dollars in millions, net of reinsurance) Three months ended March 31,
2026 2025 % Change
Current accident year losses greater than $5 million $ 8   $ 26  (69)
Current accident year losses $2 million - $5 million 20   20  0 
Large loss prior accident year reserve development 50   56  (11)
Total large losses incurred 78   102  (24)
Losses incurred but not reported 219   279  (22)
Other losses excluding catastrophe losses 838   688  22 
Catastrophe losses 266   558  (52)
Total losses incurred $ 1,401   $ 1,627  (14)

Ratios as a percent of earned premiums:     Pt. Change
Current accident year losses greater than $5 million 0.3   % 1.2  % (0.9)
Current accident year losses $2 million - $5 million 0.8   0.9  (0.1)
Large loss prior accident year reserve development 2.0   2.4  (0.4)
Total large loss ratio 3.1   4.5  (1.4)
Losses incurred but not reported 8.7   12.3  (3.6)
Other losses excluding catastrophe losses 33.2   30.4  2.8 
Catastrophe losses 10.6   24.6  (14.0)
Total loss ratio 55.6   % 71.8  % (16.2)

 
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 first-quarter 2026 property casualty total large losses incurred of $78 million, net of reinsurance, was lower than the $111 million quarterly average during full-year 2025 and the $102 million experienced for the first quarter of 2025. The ratio for these large losses was 1.4 percentage points lower compared with last year's first quarter. We believe results for the three-month period largely reflected normal fluctuations in loss patterns and normal variability in large case reserves for claims above $2 million. Losses by size are discussed in further detail in results of operations by property casualty insurance segment.

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

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COMMERCIAL LINES INSURANCE RESULTS

(Dollars in millions) Three months ended March 31,
2026 2025 % Change
Earned premiums $ 1,241   $ 1,179  5 
Fee revenues 1   2  (50)
Total revenues 1,242   1,181  5 
Loss and loss expenses from:      
Current accident year before catastrophe losses 779   722  8 
Current accident year catastrophe losses 121   56  116 
Prior accident years before catastrophe losses (52) (29) (79)
Prior accident years catastrophe losses (1) (14) 93 
Loss and loss expenses 847   735  15 
Underwriting expenses 377   349  8 
Underwriting profit $ 18   $ 97  (81)

Ratios as a percent of earned premiums:     Pt. Change
Current accident year before catastrophe losses 62.8   % 61.1  % 1.7 
Current accident year catastrophe losses 9.7   4.8  4.9 
Prior accident years before catastrophe losses (4.2) (2.4) (1.8)
Prior accident years catastrophe losses (0.1) (1.2) 1.1 
Loss and loss expenses 68.2   62.3  5.9 
Underwriting expenses 30.4   29.6  0.8 
Combined ratio 98.6   % 91.9  % 6.7 

Combined ratio 98.6   % 91.9  % 6.7 
Contribution from catastrophe losses and prior years reserve development 5.4   1.2  4.2 
Combined ratio before catastrophe losses and prior years reserve development 93.2   % 90.7  % 2.5 

 
Overview
Performance highlights for the commercial lines segment include:
• Premiums – Earned premiums and net written premiums for the commercial lines segment grew during the first three months of 2026, compared with the same period 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 3% for the first three months of 2026, compared with the same period of 2025, including price increases. During the first quarter of 2026, our overall standard commercial lines policies averaged estimated renewal price increases at percentages near the high end of the low-single-digit range. We continue to segment commercial lines policies, emphasizing identification and retention of those we believe have relatively stronger pricing. Conversely, we continue to maintain 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.
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
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measurement period. For commercial lines policies that did expire and were then renewed during the first quarter of 2026, 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 three months of 2026 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.
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 three months of 2026 contributed $18 million to net written premiums, compared with $23 million for the same period of 2025.
New business written premiums for commercial lines increased $2 million for the first three months of 2026, compared with the same period of 2025, 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, an increase in ceded premiums decreased net written premiums by approximately $1 million for the first three months of 2026, compared with the same period of 2025.

Commercial Lines Insurance Premiums

(Dollars in millions) Three months ended March 31,
2026 2025 % Change
Agency renewal written premiums $ 1,184   $ 1,152  3 
Agency new business written premiums 205   203  1 
Other written premiums (30) (30) 0 
Net written premiums 1,359   1,325  3 
Unearned premium change (118) (146) 19 
Earned premiums $ 1,241   $ 1,179  5 

 
• Combined ratio – The first-quarter 2026 commercial lines combined ratio increased by 6.7 percentage points, compared with the first quarter of 2025, including an increase of 6.0 points in losses from catastrophes. The first-quarter combined ratio increased by 1.7 points from current accident year loss and loss expenses before catastrophe losses, including an increase of 3.0 points for the IBNR portion and a decrease of 1.3 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 March 31 of the respective years and included a decrease of 1.4 percentage points for the first three months of 2026 in the ratio for large losses of $2 million or more per claim, discussed below.
Catastrophe losses and loss expenses accounted for 9.6 percentage points of the combined ratio for the first three months of 2026, compared with 3.6 percentage points for the same period a year ago. Through 2025, the 10-year annual average for that catastrophe measure for the commercial lines segment was 5.9 percentage points, and the five-year annual average was 5.3 percentage points.
The net effect of reserve development on prior accident years during the first three months of 2026 was favorable for commercial lines overall by $53 million, compared with $43 million for the same period in 2025. For the first three months of 2026, our commercial property and workers' compensation lines of business were the main contributors to the commercial lines net favorable reserve development. The net favorable reserve development recognized during the first three months of 2026 for our commercial lines insurance segment was mainly for accident years 2025 and 2024 and was primarily due to lower-than-anticipated loss emergence on known claims. Our commercial casualty line of business included $3 million of favorable reserve development on prior accident years for the first three months of 2026 while commercial auto included $2 million of unfavorable reserve development. Reserve estimates are inherently uncertain as described in our 2025 Annual Report on Form 10-K, Item 7, Critical Accounting Estimates, Property Casualty Insurance Loss and Loss Expense Reserves, Page 50.
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The commercial lines underwriting expense ratio increased for the first three months of 2026, compared with the same period a year ago. The increase was largely due to an increase in profit-sharing commissions for agencies. 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 March 31,
2026 2025 % Change
Current accident year losses greater than $5 million $ —   $ 7  (100)
Current accident year losses $2 million - $5 million 5   15  (67)
Large loss prior accident year reserve development 35   44  (20)
Total large losses incurred 40   66  (39)
Losses incurred but not reported 94   163  (42)
Other losses excluding catastrophe losses 441   318  39 
Catastrophe losses 117   40  193 
Total losses incurred $ 692   $ 587  18 

Ratios as a percent of earned premiums:     Pt. Change
Current accident year losses greater than $5 million —   % 0.6  % (0.6)
Current accident year losses $2 million - $5 million 0.4   1.2  (0.8)
Large loss prior accident year reserve development 2.8   3.8  (1.0)
Total large loss ratio 3.2   5.6  (2.4)
Losses incurred but not reported 7.6   13.9  (6.3)
Other losses excluding catastrophe losses 35.5   26.8  8.7 
Catastrophe losses 9.5   3.4  6.1 
Total loss ratio 55.8   % 49.7  % 6.1 

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 first-quarter 2026 commercial lines total large losses incurred of $40 million, net of reinsurance, was lower than the quarterly average of $74 million during full-year 2025 and the $66 million of total large losses incurred for the first quarter of 2025. The decrease in commercial lines large losses for the first three months of 2026 was primarily due to our commercial casualty line of business. The first-quarter 2026 ratio for commercial lines total large losses was 2.4 percentage points lower than last year's first-quarter ratio. We believe results for the three-month period largely reflected normal fluctuations in loss patterns and normal variability in large case reserves for claims above $2 million.

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PERSONAL LINES INSURANCE RESULTS

(Dollars in millions) Three months ended March 31,
2026 2025 % Change
Earned premiums $ 873   $ 698  25 
Fee revenues 2   1  100 
Total revenues 875   699  25 
Loss and loss expenses from:      
Current accident year before catastrophe losses 465   442  5 
Current accident year catastrophe losses 149   423  (65)
Prior accident years before catastrophe losses (5) (6) 17 
Prior accident years catastrophe losses (2) (13) 85 
Loss and loss expenses 607   846  (28)
Underwriting expenses 238   210  13 
Underwriting profit (loss) $ 30   $ (357) nm

Ratios as a percent of earned premiums:     Pt. Change
Current accident year before catastrophe losses 53.2   % 63.3  % (10.1)
Current accident year catastrophe losses 17.1   60.6  (43.5)
Prior accident years before catastrophe losses (0.5) (0.8) 0.3 
Prior accident years catastrophe losses (0.3) (1.9) 1.6 
Loss and loss expenses 69.5   121.2  (51.7)
Underwriting expenses 27.3   30.1  (2.8)
Combined ratio 96.8   % 151.3  % (54.5)

Combined ratio 96.8   % 151.3  % (54.5)
Contribution from catastrophe losses and prior years reserve development 16.3   57.9  (41.6)
Combined ratio before catastrophe losses and prior years reserve development 80.5   % 93.4  % (12.9)

Overview
Performance highlights for the personal lines segment include:
• Premiums – Personal lines earned premiums and net written premiums continued to grow during the first three months of 2026, primarily due to agency renewal written premium growth that included higher average pricing. The table below analyzes the primary components of premiums.
Agency renewal written premiums increased 15% for the first three months of 2026, 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 and homeowner lines of business increased at average percentages in the high-single-digit range during the first three months of 2026. 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 $51 million or 40% for the first three months of 2026, compared with the same period of 2025. We believe we maintained underwriting and pricing discipline as we continued to carefully underwrite each policy in a highly competitive market.
Other written premiums include premiums ceded to reinsurers as part of our reinsurance ceded program. For our personal lines insurance segment, a decrease in 2026 ceded premiums increased net written premiums by approximately $62 million for the first three months of 2026, compared with the same period of 2025. Ceded premiums for the first three months of 2025 included a net amount of $64 million for reinsurance reinstatement premiums related to the January 2025 wildfires in southern California.

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Personal Lines Insurance Premiums

(Dollars in millions) Three months ended March 31,
2026 2025 % Change
Agency renewal written premiums $ 726   $ 634  15 
Agency new business written premiums 76   127  (40)
Other written premiums (27) (89) 70 
Net written premiums 775   672  15 
Unearned premium change 98   26  277 
Earned premiums $ 873   $ 698  25 

 
• Combined ratio – Our personal lines combined ratio for the first quarter of 2026 improved by 54.5 percentage points, compared with first-quarter 2025, including a decrease of 41.9 points in losses from catastrophes. The first-quarter 2026 combined ratio improvement also included a decrease of 10.1 percentage points from current accident year loss and loss expenses before catastrophe losses, including a decrease of 4.4 points for the IBNR portion and a decrease of 5.7 points for the case incurred portion. The three-month 2025 current accident year ratio before catastrophe losses included an unfavorable 5.3 points for the effect of reinstatement premiums. The total current accident year ratios before catastrophe losses were measured as of March 31 of the respective years and included a decrease of 0.8 percentage points for the first three months of 2026 in the ratio for large losses of $2 million or more per claim, discussed below.
Catastrophe losses and loss expenses accounted for 16.8 percentage points of the combined ratio for the first three months of 2026, compared with 58.7 points for the same period a year ago. The 10-year annual average catastrophe loss ratio for the personal lines segment through 2025 was 14.0 percentage points, and the five-year annual average was 15.8 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 first quarter of 2026 was favorable by $7 million, compared with $19 million for the same period of 2025. Our homeowner line of business was the main contributor to the personal lines net favorable reserve development for the first three months of 2026. 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 2025 Annual Report on Form 10-K, Item 7, Critical Accounting Estimates, Property Casualty Insurance Loss and Loss Expense Reserves, Page 50.
The personal lines underwriting expense ratio decreased for the first three months of 2026, compared with the same period a year ago. The decrease was partly due to growth in premiums outpacing growth in various expenses. The three-month 2025 ratio also included an unfavorable 2.5 points for the effect of reinstatement premiums. The ratio for both periods also included ongoing expense management efforts.

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Personal Lines Insurance Losses Incurred by Size

(Dollars in millions, net of reinsurance) Three months ended March 31,
2026 2025 % Change
Current accident year losses greater than $5 million $ 8   $ 19  (58)
Current accident year losses $2 million - $5 million 15   5  200 
Large loss prior accident year reserve development 15   12  25 
Total large losses incurred 38   36  6 
Losses incurred but not reported 71   74  (4)
Other losses excluding catastrophe losses 282   254  11 
Catastrophe losses 144   405  (64)
Total losses incurred $ 535   $ 769  (30)

Ratios as a percent of earned premiums:     Pt. Change
Current accident year losses greater than $5 million 0.9   % 2.8  % (1.9)
Current accident year losses $2 million - $5 million 1.8   0.7  1.1 
Large loss prior accident year reserve development 1.8   1.8  0.0 
Total large loss ratio 4.5   5.3  (0.8)
Losses incurred but not reported 8.1   10.5  (2.4)
Other losses excluding catastrophe losses 32.3   36.4  (4.1)
Catastrophe losses 16.4   57.9  (41.5)
Total loss ratio 61.3   % 110.1  % (48.8)

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 first quarter of 2026, the personal lines total large loss ratio, net of reinsurance, was 0.8 percentage points lower than last year's first quarter. The increase in personal lines total large losses incurred for the first three months of 2026 occurred primarily for umbrella coverage in our other personal line of business. We believe results for the three-month period largely reflected normal fluctuations in loss patterns and normal variability in large case reserves for claims above $2 million.

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EXCESS AND SURPLUS LINES INSURANCE RESULTS

(Dollars in millions) Three months ended March 31,
2026 2025 % Change
Earned premiums $ 180   $ 162  11 
Fee revenues 1   1  0 
Total revenues 181   163  11 

Loss and loss expenses from:      
Current accident year before catastrophe losses 117   106  10 
Current accident year catastrophe losses 1   2  (50)
Prior accident years before catastrophe losses (7) (8) 13 
Prior accident years catastrophe losses (1) (1) 0 
Loss and loss expenses 110   99  11 
Underwriting expenses 50   44  14 
Underwriting profit $ 21   $ 20  5 

Ratios as a percent of earned premiums:     Pt. Change
Current accident year before catastrophe losses 64.6   % 65.6  % (1.0)
Current accident year catastrophe losses 1.1   0.8  0.3 
Prior accident years before catastrophe losses (4.1) (5.0) 0.9 
Prior accident years catastrophe losses (0.4) (0.5) 0.1 
Loss and loss expenses 61.2   60.9  0.3 
Underwriting expenses 28.1   27.4  0.7 
Combined ratio 89.3   % 88.3  % 1.0 

Combined ratio 89.3   % 88.3  % 1.0 
Contribution from catastrophe losses and prior years reserve development (3.4) (4.7) 1.3 
Combined ratio before catastrophe losses and prior years reserve development 92.7   % 93.0  % (0.3)

 
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 first three months of 2026, compared with the same period a year ago, including increases in both agency renewal and new business written premiums. Renewal written premiums rose 7% for the three months ended March 31, 2026, compared with the same period of 2025, largely due to higher renewal pricing. For the first three months of 2026, excess and surplus lines policy renewals experienced estimated average price increases at percentages in the mid-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.
New business written premiums produced by agencies increased by 9% for the first three months of 2026 compared with the same period of 2025, 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.

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Excess and Surplus Lines Insurance Premiums

(Dollars in millions) Three months ended March 31,
2026 2025 % Change
Agency renewal written premiums $ 135   $ 126  7 
Agency new business written premiums 58   53  9 
Other written premiums (11) (11) 0 
Net written premiums 182   168  8 
Unearned premium change (2) (6) 67 
Earned premiums $ 180   $ 162  11 

 
• Combined ratio – The excess and surplus lines combined ratio increased by 1.0 percentage points for the first three months of 2026, compared with the same period of 2025. The increase was primarily due to a lower level of favorable reserve development on prior accident year loss and loss expenses for the three months ended March 31, 2026, compared with the first three months of 2025.
The 64.6% first-quarter 2026 ratio for current accident year loss and loss expenses before catastrophe losses was 1.0 percentage points lower, compared with the 65.6% accident year 2025 ratio measured as of March 31, 2025, including a decrease of 0.4 points for the IBNR portion and a decrease of 0.6 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 4.5% for the first three months of 2026, compared with 5.5% for the same period of 2025. Reserve estimates are inherently uncertain as described in our 2025 Annual Report on Form 10-K, Item 7, Critical Accounting Estimates, Property Casualty Insurance Loss and Loss Expense Reserves, Page 50.
The excess and surplus lines underwriting expense ratio increased for the first three months of 2026 compared with the same period a year ago, primarily due to an increase in commission expenses. The ratio also included ongoing expense management efforts and premium growth.
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Excess and Surplus Lines Insurance Losses Incurred by Size

(Dollars in millions, net of reinsurance) Three months ended March 31,
2026 2025 % Change
Current accident year losses greater than $5 million $ —   $ —  nm
Current accident year losses $2 million - $5 million —   —  nm
Large loss prior accident year reserve development —   —  nm
Total large losses incurred —   —  nm
Losses incurred but not reported 38   46  (17)
Other losses excluding catastrophe losses 40   24  67 
Catastrophe losses 1   —  nm
Total losses incurred $ 79   $ 70  13 

Ratios as a percent of earned premiums:     Pt. Change
Current accident year losses greater than $5 million —   % —  % 0.0 
Current accident year losses $2 million - $5 million —   —  0.0 
Large loss prior accident year reserve development —   —  0.0 
Total large loss ratio —   —  0.0 
Losses incurred but not reported 20.8   28.1  (7.3)
Other losses excluding catastrophe losses 22.1   14.8  7.3 
Catastrophe losses 0.7   0.2  0.5 
Total loss ratio 43.6   % 43.1  % 0.5 

 
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 first quarter of both 2026 and 2025, our excess and surplus lines insurance segment had no large losses of $2 million or more per claim.
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LIFE INSURANCE RESULTS

(Dollars in millions) Three months ended March 31,
2026 2025 % Change
Earned premiums $ 85   $ 80  6 
Fee revenues 1   1  0 
Total revenues 86   81  6 
Contract holders' benefits incurred 84   81  4 
Investment interest credited to contract holders (32) (32) 0 
Underwriting expenses incurred 23   23  0 
Total benefits and expenses 75   72  4 
Life insurance segment profit $ 11   $ 9  22 

 
Overview
Performance highlights for the life insurance segment include:
• Revenues – Revenues increased for the three months ended March 31, 2026, 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 1% to $88.080 billion at March 31, 2026, from $87.311 billion at year-end 2025.
Fixed annuity deposits received for the three months ended March 31, 2026, were $7 million, compared with $4 million for the same period of 2025. 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 March 31,
2026 2025 % Change
Term life insurance $ 61   $ 57  7 
Whole life insurance 14   13  8 
Universal life and other 10   10  0 
Earned premiums $ 85   $ 80  6 

 
• 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 $11 million for our life insurance segment in the first three months of 2026, compared with a profit of $9 million for the same period of 2025, 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 three months of 2026 primarily due to continued growth of in-force policy face amounts and less favorable impacts from the unlocking of interest rate and other actuarial assumptions.

Underwriting expenses for the first three months of 2026 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
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invested assets, the life insurance subsidiary reported net income of $26 million for the three months ended March 31, 2026, compared with $21 million for the three months ended March 31, 2025. The life insurance subsidiary portfolio had net after-tax investment losses of less than $1 million for the three months ended March 31, 2026, compared with $1 million for the three months ended March 31, 2025.

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 first three months of 2026, compared with the same period of 2025. Interest income increased by $25 million for the first quarter, as net purchases of fixed-maturity securities in recent quarters and higher bond yields are working to generally offset effects of the low interest rates on maturing bonds purchased for several years prior to 2022. Dividend income increased by $9 million for the three months ended March 31, 2026. The increase for the first three months of 2026 was primarily due to a $6 million special dividend from one of our holdings in addition to dividend payouts that have generally been increasing slightly in recent quarters.

Investments Results

(Dollars in millions) Three months ended March 31,
2026 2025 % Change
Total investment income, net of expenses $ 318   $ 280  14 
Investment interest credited to contract holders (32) (32) 0 
Investment gains and losses, net (70) (67) (4)
Investments profit, pretax $ 216   $ 181  19 

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 March 31, 2026
Fixed-maturity pretax yield profile:
Expected to mature during the remainder of 2026 4.76  % $ 670 
Expected to mature during 2027 4.99  987 
Expected to mature during 2028 5.51  1,183 
Average yield and total expected maturities from the remainder of 2026 through 2028 5.15  $ 2,840 

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The table below shows the average pretax yield-to-amortized cost for fixed-maturity securities acquired during the periods indicated. The average yield-to-amortized cost for total fixed-maturity securities acquired during the first three months of 2026 was higher than the 5.11% average yield-to-amortized cost of the fixed-maturity securities portfolio at the end of 2025. Our fixed-maturity portfolio's average yield-to-amortized cost of 5.02% for the first three months of 2026, from the investment income table below, was lower than the 5.11% yield-to-amortized cost for the year-end 2025 fixed-maturities portfolio.

Three months ended March 31,
2026 2025
Average pretax yield-to-amortized cost on new fixed-maturities:
Acquired taxable fixed-maturities 5.43   % 5.91  %
Acquired tax-exempt fixed-maturities 4.43   4.40 
Average total fixed-maturities acquired 5.37   5.80 

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 2025 Annual Report on Form 10-K, Item 1, Investments Segment, Page 21, and Item 7, Investments Outlook, Page 86. 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 March 31,
2026 2025 % Change
Investment income:      
Interest $ 235   $ 210  12 
Dividends 76   67  13 
Other 12   7  71 
Less investment expenses 5   4  25 
Investment income, pretax 318   280  14 
Less income taxes
55   48  15 
Total investment income, after-tax $ 263   $ 232  13 

Investment returns:
Average invested assets plus cash and cash
  equivalents $ 33,504   $ 29,946 
Average yield pretax 3.80   % 3.74  %
Average yield after-tax 3.14   3.10 
Effective tax rate 17.2   17.2 

Fixed-maturity returns:
Average amortized cost $ 18,724   $ 17,071 
Average yield pretax 5.02   % 4.92  %
Average yield after-tax 4.10   4.02 
Effective tax rate 18.4   18.3 

 
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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 2025 Annual Report on Form 10-K, Item 8, Note 1, Summary of Significant Accounting Policies, Page 124.
 
The table below summarizes total investment gains and losses, before taxes.

(Dollars in millions) Three months ended March 31,
2026 2025
Investment gains and losses:
Equity securities:
Investment gains and losses on securities sold, net $ 33   $ (1)
Unrealized gains and losses on securities still held, net (104) (71)

Subtotal (71) (72)
Fixed maturities:
Gross realized gains 2   — 
Gross realized losses (1) — 
Change in allowance for credit losses, net (1) (2)

Subtotal —   (2)
Other 1   7 
Total investment gains and losses reported in net income (70) (67)

Change in unrealized investment gains and losses:

Fixed maturities (220) 67 

Total $ (290) $ — 

Of the 5,442 fixed-maturity and short-term securities in the portfolio, 17 securities were trading below 70% of amortized cost at March 31, 2026. 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.

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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 three months of 2026 for our Other operations increased slightly, compared with the same period of 2025. Cincinnati Re had $152 million of earned premiums for the first three months of 2026 and generated an underwriting profit of $31 million. Cincinnati Global had $73 million of earned premiums for the first three months of 2026 and generated an underwriting profit of $15 million. Total expenses for Other decreased for the first three months of 2026, primarily due to lower 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 three months of 2026, total other income was driven by underwriting profit from Cincinnati Re and Cincinnati Global. For the first three months of 2025, total other loss resulted from an underwriting loss from Cincinnati Re and interest expense from debt of the parent company.

(Dollars in millions) Three months ended March 31,
2026 2025 % Change
Interest and fees on loans and leases $ 3   $ 3  0 
Earned premiums 225   225  0 
Other revenues 3   1  200 
Total revenues 231   229  1 
Interest expense 13   13  0 
Loss and loss expenses 103   207  (50)
Underwriting expenses 76   76  0 
Operating expenses 9   11  (18)
Total expenses 201   307  (35)
 Total other income (loss) $ 30   $ (78) nm

 

TAXES
We had $52 million of income tax expense for the three months ended March 31, 2026, compared with $38 million of income tax benefit for the same period of 2025. The effective tax rate for the three months ended March 31, 2026, was 16.0% compared with 29.7% for the same period last year. The change in our effective tax rate between periods was primarily due to changes in underwriting income, changes in our net investment gains and losses 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.
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LIQUIDITY AND CAPITAL RESOURCES
At March 31, 2026, shareholders' equity was $15.714 billion, compared with $15.911 billion at December 31, 2025. Total debt was $816 million at March 31, 2026, relatively unchanged from $815 million at December 31, 2025. At March 31, 2026, cash and cash equivalents totaled $1.210 billion, compared with $1.431 billion at December 31, 2025.

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 $200 million to the parent company in the first three months of 2026, compared with no dividends declared for the same period of 2025. For full-year 2025, our lead insurance subsidiary paid dividends totaling $550 million to the parent company. State of Ohio regulatory requirements restrict the dividends our insurance subsidiary can pay. For full-year 2026, total dividends that our insurance subsidiary can pay to our parent company without regulatory approval are approximately $975 million.
 
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.