SEC EDGAR · 10-Q
10-Q – 2026-07-27 – cinf-20260630.htm

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Omsättning
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 72
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:
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.
Investment gains and losses, net 1,308 473 1,238 406 | Total investment revenue 1,627 758 1,875 971 | Investment interest credited to contract holders 33 31 65 63
◦ 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
Total revenues increased $1.026 billion for the second quarter of 2026, compared with the second quarter of 2025, including higher net investment gains, earned premiums and investment income. For the first six months of 2026, compared with the same period of 2025, total revenues increased $1.323 billion, including higher net investment gains, 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.
Our commercial lines segment's increase in agency renewal written premiums for the first six 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 six months of 2026 contributed $32 million to net written premiums, compared with $48 million for the same period of 2025. | New business written premiums for commercial lines increased $8 million and $10 million during the second quarter and first six months of 2026, compared with the same periods 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 wi
Periodens resultat
Total provision for income taxes 321 170 373 132 | Net Income $ 1,255 $ 685 $ 1,529 $ 595 | Per Common Share
Per Common Share | Net income — basic $ 8.14 $ 4.38 $ 9.88 $ 3.81 | Net income — diluted 8.05 4.34 9.78 3.77
Net income — basic $ 8.14 $ 4.38 $ 9.88 $ 3.81 | Net income — diluted 8.05 4.34 9.78 3.77
2026 2025 2026 2025 | Net Income $ 1,255 $ 685 $ 1,529 $ 595 | Other Comprehensive Income (loss)
Net income 1,255 685 1,529 595 | Dividends declared ( 145 ) ( 136 ) ( 290 ) ( 271 )
Cash Flows From Operating Activities | Net income $ 1,529 $ 595 | Adjustments to reconcile net income to net cash provided by operating activities:
Net income $ 1,529 $ 595 | Adjustments to reconcile net income to net cash provided by operating activities: | Depreciation, amortization and other 82 93
OCI before investment gains and losses, net, recognized in net income 79 17 62 16 3 13 | Investment gains and losses, net, recognized in net income ( 5 ) ( 1 ) ( 4 ) 12 3 9
Resultat per aktie
NOTE 10 – Net Income Per Common Share | Basic earnings per share are computed based on the weighted average number of common shares outstanding. Diluted earnings per share are computed based on the weighted average number of common and dilutive potential common shares outstanding using the treasury stock method. The table shows calculations for basic and diluted earnings per share:
Diluted weighted-average shares 155.7 157.8 156.3 157.8 | Earnings per share: | Basic $ 8.14 $ 4.38 $ 9.88 $ 3.81
Kassaflöde
Cash and cash equivalents at end of period $ 1,750 $ 995 | Supplemental Disclosures of Cash Flow Information: | Interest paid $ 26 $ 27
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.
Beginning balance at original discount rate 1,749 227 1,719 227 | Effect of changes in cash flow assumptions 21 ( 5 ) ( 4 ) — | Effect of actual variances from expected experience ( 4 ) — 5 ( 1 )
Beginning balance at original discount rate 2,877 666 2,812 648 | Effect of changes in cash flow assumptions 36 ( 8 ) ( 12 ) — | Effect of actual variances from expected experience ( 9 ) — 8 ( 1 )
Beginning balance at original discount rate 1,743 228 1,719 228 | Effect of changes in cash flow assumptions 21 ( 5 ) ( 4 ) — | Effect of actual variances from expected experience ( 10 ) — ( 3 ) ( 1 )
Beginning balance at original discount rate 2,863 662 2,812 646 | Effect of changes in cash flow assumptions 36 ( 8 ) ( 12 ) — | Effect of actual variances from expected experience ( 16 ) — ( 6 ) ( 1 )
Balance, beginning of period before shadow reserve adjustments 142 131 138 131 | Effect of changes in cash flow assumptions ( 5 ) — ( 5 ) — | Effect of actual variances from expected experience — — 1 2
◦ 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
Likvida medel
Total investments 33,153 31,783 | Cash and cash equivalents 1,750 1,431
Net cash used in financing activities ( 787 ) ( 425 ) | Net change in cash and cash equivalents 319 12 | Cash and cash equivalents at beginning of year 1,431 983
Net change in cash and cash equivalents 319 12 | Cash and cash equivalents at beginning of year 1,431 983 | Cash and cash equivalents at end of period $ 1,750 $ 995
Cash and cash equivalents at beginning of year 1,431 983 | Cash and cash equivalents at end of period $ 1,750 $ 995 | Supplemental Disclosures of Cash Flow Information:
We also held Level 1 cash and cash equivalents of $ 1.750 billion and $ 1.431 billion at June 30, 2026, and December 31, 2025, respectively.
At June 30, 2026, we held $5.722 billion of our cash and cash equivalents and invested assets at the parent-company level, of which $5.232 billion, or 91.4%, was invested in common stocks, and $201 million, or 3.5%, was cash or cash equivalents. Our debt-to-total-capital ratio was 4.6% at June 30, 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 June 30, 2026, matching y
LIQUIDITY AND CAPITAL RESOURCES | At June 30, 2026, shareholders' equity was $16.671 billion, compared with $15.911 billion at December 31, 2025. Total debt was $808 million at June 30, 2026, down $7 million from $815 million at December 31, 2025. At June 30, 2026, cash and cash equivalents totaled $1.750 billion, compared with $1.431 billion at December 31, 2025.
Nettoskuld
Net income $ 1,529 $ 595 | Adjustments to reconcile net income to net cash provided by operating activities: | Depreciation, amortization and other 82 93
Current income tax receivable/payable 31 ( 87 ) | Net cash provided by operating activities 1,356 1,051 | Cash Flows From Investing Activities
Change in other invested assets, net ( 48 ) ( 32 ) | Net cash used in investing activities ( 250 ) ( 614 ) | Cash Flows From Financing Activities
Other ( 75 ) ( 82 ) | Net cash used in financing activities ( 787 ) ( 425 ) | Net change in cash and cash equivalents 319 12
Eget kapital
Condensed Consolidated Statements of Shareholders’ Equity | 6
Shareholders' Equity | Common stock, par value—$ 2 per share; (authorized: 2026 and 2025— 500 million
( 3,131 ) ( 2,732 ) | Total shareholders' equity 16,671 15,911 | Total liabilities and shareholders' equity $ 43,231 $ 41,002
Total shareholders' equity 16,671 15,911 | Total liabilities and shareholders' equity $ 43,231 $ 41,002
Cincinnati Financial Corporation and Subsidiaries | Condensed Consolidated Statements of Shareholders' Equity | (Dollars in millions) Three months ended June 30, Six months ended June 30,
Total Shareholders' Equity $ 16,671 $ 14,301 $ 16,671 $ 14,301
Long-term debt 791 790 | Shareholders' equity 16,671 15,911 | Book value per share 108.64 102.35
Total assets at June 30, 2026, increased 5% compared with year-end 2025, and included an increase of 4% in total investments that reflected net purchases and higher fair values for many securities in our equity portfolio. Shareholders' equity increased 5% and book value per share increased 6% during the first six months of 2026. Our debt-to-total-capital ratio (capital is the sum of debt plus shareholders' equity) decreased compared with year-end 2025.
Antal aktier
(In millions, except per common share) | Common Stock - Shares Outstanding | Beginning of period 154.6 156.3 155.4 156.4
NOTE 10 – Net Income Per Common Share | Basic earnings per share are computed based on the weighted average number of common shares outstanding. Diluted earnings per share are computed based on the weighted average number of common and dilutive potential common shares outstanding using the treasury stock method. The table shows calculations for basic and diluted earnings per share:
Denominator: | Basic weighted-average common shares outstanding 154.1 156.3 154.7 156.4 | Effect of share-based awards:
Cash dividends declared per share 0.94 0.87 8 1.88 1.74 8 | Diluted weighted average shares outstanding 155.7 157.8 (1) 156.3 157.8 (1)
* 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
price paid | per share Total number of shares purchased as part of | publicly announced
Antal anställda
• 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
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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 June 30, 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 July 22, 2026, there were 153,478,045 shares of common stock outstanding.

Table of Contents

CINCINNATI FINANCIAL CORPORATION AND SUBSIDIARIES
FORM 10-Q FOR THE QUARTER ENDED June 30, 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
33

           Safe Harbor Statement
33

           Corporate Financial Highlights
36

           Financial Results
44

           Liquidity and Capital Resources
59

           Other Matters
63

     Item 3. Quantitative and Qualitative Disclosures about Market Risk
63

     Item 4. Controls and Procedures
70

Part II – Other Information
71

     Item 1. Legal Proceedings
71

     Item 1A. Risk Factors
71

     Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
72

     Item 5. Other Information
73

     Item 6. Exhibits
74

Cincinnati Financial Corporation Second-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) June 30, December 31,
2026 2025
Assets    
Investments    
Fixed maturities, at fair value (amortized cost: 2026—$ 19,280 ; 2025—$ 18,304 )
$ 18,954   $ 18,123  
Equity securities, at fair value (cost: 2026—$ 4,287 ; 2025—$ 4,155 )
13,194   12,694  
Short-term investments, at fair value (amortized cost: 2026—$ 143 ; 2025—$ 148 )
142   148  
Other invested assets 863   818  
Total investments 33,153   31,783  
Cash and cash equivalents 1,750   1,431  

Investment income receivable 252   235  
Finance receivable 143   146  
Premiums receivable 3,546   3,142  
Reinsurance recoverable 633   655  
Prepaid reinsurance premiums 124   71  
Deferred policy acquisition costs 1,442   1,344  
Land, building and equipment, net, for company use (accumulated depreciation:
   2026—$ 376 ; 2025—$ 367 )
211   219  
Other assets 981   995  
Separate accounts 996   981  
Total assets $ 43,231   $ 41,002  

Liabilities    
Insurance reserves    
Loss and loss expense reserves $ 12,479   $ 11,507  
Life policy and investment contract reserves 2,986   2,992  
Unearned premiums 5,724   5,254  
Other liabilities 1,638   1,638  
Deferred income tax 1,861   1,833  
Note payable 17   25  
Long-term debt and lease obligations 859   861  
Separate accounts 996   981  
Total liabilities 26,560   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 1,582   1,561  
Retained earnings 17,958   16,719  
Accumulated other comprehensive loss ( 135 ) ( 34 )
    Treasury stock at cost (2026— 44.9 million shares and 2025— 42.9 million shares)
( 3,131 ) ( 2,732 )
Total shareholders' equity 16,671   15,911  
Total liabilities and shareholders' equity $ 43,231   $ 41,002  

 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Second-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 June 30, Six months ended June 30,
2026 2025 2026 2025
Revenues        
Earned premiums $ 2,635   $ 2,480   $ 5,239   $ 4,824  
Investment income, net of expenses 319   285   637   565  
Investment gains and losses, net 1,308   473   1,238   406  
Fee revenues 5   5   10   10  
Other revenues 7   5   13   9  
Total revenues 4,274   3,248   7,137   5,814  
Benefits and Expenses        
Insurance losses and contract holders' benefits 1,887   1,660   3,638   3,628  
Underwriting, acquisition and insurance expenses 786   709   1,550   1,411  
Interest expense 14   14   27   27  
Other operating expenses 11   10   20   21  
 Total benefits and expenses 2,698   2,393   5,235   5,087  
Income Before Income Taxes 1,576   855   1,902   727  
Provision for Income Taxes        
Current 182   81   316   39  
Deferred 139   89   57   93  
Total provision for income taxes 321   170   373   132  
Net Income $ 1,255   $ 685   $ 1,529   $ 595  
Per Common Share        
Net income — basic $ 8.14   $ 4.38   $ 9.88   $ 3.81  
Net income — diluted 8.05   4.34   9.78   3.77  

Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation Second-Quarter 2026 10-Q
Page 4

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Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income

(Dollars in millions) Three months ended June 30, Six months ended June 30,
2026 2025 2026 2025
Net Income $ 1,255   $ 685   $ 1,529   $ 595  
Other Comprehensive Income (loss)        
Change in unrealized gains and losses on investments, net of tax (benefit) of $ 16 , $ 6 , $( 30 ) and $ 20 , respectively
58   22   ( 116 ) 75  
Amortization of pension actuarial gain and prior service cost, net of tax (benefit) of $ 0 , $ 0 , $ 0 and $ 0 , respectively
( 1 ) ( 1 ) ( 2 ) ( 2 )
Change in life policy reserves, reinsurance recoverable and other, net of tax (benefit) of $( 3 ), $ 0 , $ 3 and $( 3 ), respectively
( 7 ) 1   17   ( 13 )
Other comprehensive income (loss) 50   22   ( 101 ) 60  
Comprehensive Income $ 1,305   $ 707   $ 1,428   $ 655  

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

Cincinnati Financial Corporation Second-Quarter 2026 10-Q
Page 5

Table of Contents

Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Shareholders' Equity
(Dollars in millions) Three months ended June 30, Six months ended June 30,
2026 2025 2026 2025
Common Stock
   Beginning of period $ 397   $ 397   $ 397   $ 397  
   Share-based awards —   —   —   —  
   End of period 397   397   397   397  

Paid-In Capital
   Beginning of period 1,561   1,511   1,561   1,502  
   Share-based awards 7   4   ( 10 ) ( 3 )
   Share-based compensation 12   10   27   25  
   Other 2   3   4   4  
   End of period 1,582   1,528   1,582   1,528  

Retained Earnings
   Beginning of period 16,848   14,644   16,719   14,869  

   Net income 1,255   685   1,529   595  
Dividends declared ( 145 ) ( 136 ) ( 290 ) ( 271 )
   End of period 17,958   15,193   17,958   15,193  

Accumulated Other Comprehensive Loss
   Beginning of period ( 185 ) ( 271 ) ( 34 ) ( 309 )

   Other comprehensive income (loss) 50   22   ( 101 ) 60  
   End of period ( 135 ) ( 249 ) ( 135 ) ( 249 )

Treasury Stock
   Beginning of period ( 2,907 ) ( 2,563 ) ( 2,732 ) ( 2,524 )
   Share-based awards 6   4   16   10  
   Shares acquired - share repurchase authorization ( 215 ) —   ( 394 ) ( 42 )
   Shares acquired - share-based compensation plans ( 13 ) ( 10 ) ( 19 ) ( 13 )
   Other ( 2 ) 1   ( 2 ) 1  
   End of period ( 3,131 ) ( 2,568 ) ( 3,131 ) ( 2,568 )

      Total Shareholders' Equity $ 16,671   $ 14,301   $ 16,671   $ 14,301  

(In millions, except per common share)
Common Stock - Shares Outstanding
   Beginning of period 154.6   156.3   155.4   156.4  
   Share-based awards 0.2   0.1   0.5   0.3  
   Shares acquired - share repurchase authorization ( 1.3 ) —   ( 2.4 ) ( 0.3 )
   Shares acquired - share-based compensation plans ( 0.1 ) ( 0.1 ) ( 0.1 ) ( 0.1 )

   End of period 153.4   156.3   153.4   156.3  

Dividends declared per common share $ 0.94   $ 0.87   $ 1.88   $ 1.74  

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) Six months ended June 30,
2026 2025
Cash Flows From Operating Activities    
Net income $ 1,529   $ 595  
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and other 82   93  
Investment gains and losses, net ( 1,231 ) ( 392 )

Interest credited to contract holders 21   22  
Deferred income tax expense 57   93  
Changes in:    

Premiums and reinsurance receivable ( 435 ) ( 737 )
Deferred policy acquisition costs ( 98 ) ( 125 )
Other assets ( 20 ) ( 65 )
Loss and loss expense reserves 972   1,069  
Life policy and investment contract reserves 40   8  
Unearned premiums 470   631  
Other liabilities ( 62 ) ( 54 )
Current income tax receivable/payable 31   ( 87 )
Net cash provided by operating activities 1,356   1,051  
Cash Flows From Investing Activities    
Sale, call or maturity of fixed maturities 1,644   1,348  

Sale of equity securities 1,195   34  
Purchase of fixed maturities ( 2,584 ) ( 2,060 )
Purchase of equity securities ( 463 ) ( 95 )

Change in short-term investments, net 9   201  
Changes in finance receivables 1   ( 3 )

Investment in building and equipment ( 4 ) ( 7 )
Change in other invested assets, net ( 48 ) ( 32 )
Net cash used in investing activities ( 250 ) ( 614 )
Cash Flows From Financing Activities    
Payment of cash dividends to shareholders ( 276 ) ( 258 )
Shares acquired - share repurchase authorization ( 395 ) ( 42 )
Changes in note payable
( 8 ) —  
Proceeds from stock options exercised 10   6  
Contract holders' funds deposited 33   31  
Contract holders' funds withdrawn ( 76 ) ( 80 )
Other ( 75 ) ( 82 )
Net cash used in financing activities ( 787 ) ( 425 )
Net change in cash and cash equivalents 319   12  
Cash and cash equivalents at beginning of year 1,431   983  
Cash and cash equivalents at end of period $ 1,750   $ 995  
Supplemental Disclosures of Cash Flow Information:    
Interest paid $ 26   $ 27  
Income taxes paid 249   97  
Noncash Activities    

Equipment acquired under finance lease obligations $ 7   $ 12  
Share-based compensation 48   26  
Other assets and other liabilities 66   254  

 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 June 30, 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 June 30, 2026 gains losses
Fixed-maturity:        
Corporate $ 10,592   $ 105   $ 241   $ 10,456  
States, municipalities and political subdivisions 5,023   41   182   4,882  
Government-sponsored enterprises 2,512   —   41   2,471  
Asset-backed 812   6   10   808  
United States government 321   —   4   317  
Foreign government 20   —   —   20  

Total fixed-maturity 19,280   152   478   18,954  

Short-term 143   —   1   142  
Total fixed-maturity and short-term investments $ 19,423   $ 152   $ 479   $ 19,096  
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 June 30, 2026, is primarily due to an increase in U.S. Treasury yields partially offset by a slight tightening of corporate credit spreads. Our asset-backed securities had an average rating of Aa2/AA at both June 30, 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 June 30, 2026 Fair
value Unrealized
losses Fair
value Unrealized
losses Fair
value Unrealized
losses
Fixed-maturity:            
Corporate $ 3,194   $ 42   $ 2,580   $ 199   $ 5,774   $ 241  
States, municipalities and political subdivisions 316   2   2,063   180   2,379   182  
Government-sponsored enterprises 2,152   38   193   3   2,345   41  
Asset-backed 202   3   184   7   386   10  
United States government 276   3   20   1   296   4  
Foreign government 14   —   —   —   14   —  
Total fixed-maturity 6,154   88   5,040   390   11,194   478  
Short-term 142   1   —   —   142   1  

Total fixed-maturity and short-term investments $ 6,296   $ 89   $ 5,040   $ 390   $ 11,336   $ 479  
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 June 30, 2026
Maturity dates:      
Due in one year or less $ 857   $ 852   4.4   %
Due after one year through five years 3,308   3,299   17.3  
Due after five years through ten years 5,156   5,132   26.9  
Due after ten years 10,102   9,813   51.4  
Total $ 19,423   $ 19,096   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 June 30, Six months ended June 30,
2026 2025 2026 2025
Investment income:
Interest $ 244   $ 214   $ 479   $ 424  
Dividends 72   70   148   137  
Other 8   5   20   12  
Total 324   289   647   573  
Less investment expenses 5   4   10   8  
Total $ 319   $ 285   $ 637   $ 565  

Investment gains and losses, net:        
Equity securities:        
Investment gains and losses on securities sold, net $ 183   $ ( 1 ) $ 223   $ ( 3 )
Unrealized gains and losses on securities still held, net 1,117   481   1,006   411  
Subtotal 1,300   480   1,229   408  
Fixed-maturity securities:        
Gross realized gains 7   1   9   1  
Gross realized losses ( 1 ) —   ( 2 ) —  
Change in allowance for credit losses, net ( 1 ) ( 13 ) ( 2 ) ( 15 )

Subtotal 5   ( 12 ) 5   ( 14 )

Other 3   5   4   12  

Total $ 1,308   $ 473   $ 1,238   $ 406  

 
The fair value of our equity portfolio was $ 13.194 billion and $ 12.694 billion at June 30, 2026, and December 31, 2025, respectively. Apple Inc. (Nasdaq:AAPL), an equity holding, was our largest single investment holding with fair values of $ 1.004  billion and $ 958 million, which was 7.8 % and 7.7 % of our publicly traded common equities portfolio and 3.1 % and 3.1 % of the total investment portfolio at June 30, 2026, and December 31, 2025.

The allowance for credit losses on fixed-maturity securities was $ 55  million and $ 54 million at June 30, 2026, and December 31, 2025, respectively. Reductions in the allowance for credit losses for securities sold were immaterial for the three months ended June 30, 2026. Reductions in the allowance for credit losses for securities sold were $ 1 million for the six months ended June 30, 2026. Reductions in the allowance for credit losses for securities sold were $ 1  million for both the three and six months ended June 30, 2025.

There were 2,880 and 2,597 fixed-maturity investments in a total unrealized loss position of $ 479 million and $ 397  million at June 30, 2026, and December 31, 2025, respectively. Of those totals, 14  and  13  fixed-maturity securities had fair values below  70 % of amortized cost at June 30, 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 June 30, 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 June 30, 2026
Fixed maturities, available for sale:        
Corporate $ —   $ 10,456   $ —   $ 10,456  
States, municipalities and political subdivisions —   4,882   —   4,882  
Government-sponsored enterprises —   2,471   —   2,471  
Asset-backed —   808   —   808  
United States government 317   —   —   317  
Foreign government —   20   —   20  

Subtotal 317   18,637   —   18,954  
Common equities 12,883   —   —   12,883  
Nonredeemable preferred equities —   311   —   311  
Separate accounts taxable fixed maturities 100   850   —   950  
Short-term investments 142   —   —   142  
Top Hat savings plan mutual funds and common
   equity (included in Other assets) 112   —   —   112  
Total $ 13,554   $ 19,798   $ —   $ 33,352  

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 $ 1.750 billion and $ 1.431 billion at June 30, 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   June 30, December 31, June 30, 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 June 30, 2026
Note payable $ —   $ 17   $ —   $ 17  
6.900 % senior debentures, due 2028
—   29   —   29  
6.920 % senior debentures, due 2028
—   408   —   408  
6.125 % senior notes, due 2034
—   393   —   393  
Total $ —   $ 847   $ —   $ 847  

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 June 30, 2026
Life policy loans $ —   $ —   $ 43   $ 43  

Deferred annuities $ —   $ —   $ 519   $ 519  
Structured settlements —   117   —   117  
Total $ —   $ 117   $ 519   $ 636  

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 June 30, 2026, and December 31, 2025, respectively.
 
Recorded reserves for the deferred annuities were $ 540 million and $ 554 million at June 30, 2026, and December 31, 2025, respectively. Recorded reserves for the structured settlements were $ 107  million and $ 111  million at June 30, 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 June 30, Six months ended June 30,
2026 2025 2026 2025
Gross loss and loss expense reserves, beginning of period $ 11,884   $ 10,707   $ 11,450   $ 9,937  
Less reinsurance recoverable 406   551   438   269  
Net loss and loss expense reserves, beginning of period 11,478   10,156   11,012   9,668  

Net incurred loss and loss expenses related to:        
Current accident year 1,850   1,650   3,598   3,628  
Prior accident years ( 42 ) ( 63 ) ( 123 ) ( 154 )
Total incurred 1,808   1,587   3,475   3,474  
Net paid loss and loss expenses related to:        
Current accident year 612   591   846   1,184  
Prior accident years 681   655   1,648   1,461  
Total paid 1,293   1,246   2,494   2,645  
Net loss and loss expense reserves, end of period 11,993   10,497   11,993   10,497  
Plus reinsurance recoverable 413   504   413   504  
Gross loss and loss expense reserves, end of period $ 12,406   $ 11,001   $ 12,406   $ 11,001  

 
We use actuarial methods, models and judgment to estimate, as of a financial statement date, the property casualty loss and loss expense reserves required to pay for and settle all outstanding insured claims, including incurred but not reported (IBNR) claims, as of that date. The actuarial estimate is subject to review and adjustment by an inter-departmental committee that includes actuarial, claims, underwriting, loss prevention and accounting management. This committee is familiar with relevant company and industry business, claims and underwriting trends, as well as general economic and legal trends that could affect future loss and loss expense payments. The amount we will actually have to pay for claims can be highly uncertain. This uncertainty, together with the size of our reserves, makes the loss and loss expense reserves our most significant estimate. The reserve for loss and loss expenses in the condensed consolidated balance sheets also included $ 73 million and $ 71 million at June 30, 2026, and 2025, respectively, for certain life and health loss and loss expense reserves.

We experienced $ 42  million of favorable development on prior accident years, including $ 17  million of favorable development in commercial lines, $ 11  million of favorable development in personal lines and $ 6  million of favorable development in excess and surplus lines for the three months ended June 30, 2026. Within commercial lines, we recognized favorable reserve development of $ 19  million for the commercial property line and $ 15  million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. This was partially offset by unfavorable reserve development of $ 14  million for the commercial casualty line.

We experienced $ 123 million of favorable development on prior accident years, including $ 70 million of favorable development in commercial lines, $ 18 million of favorable development in personal lines and $ 14 million of favorable development in excess and surplus lines for the six months ended June 30, 2026. Within commercial lines, we recognized favorable reserve development of $ 50 million for the commercial property line and $ 24  million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. This was partially offset by unfavorable reserve development of $ 11  million for the commercial casualty line. Within personal lines, we recognized favorable reserve development of $ 19 million for the homeowner line.

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We experienced $ 63  million of favorable development on prior accident years, including $ 42  million of favorable development in commercial lines, $ 19  million of favorable development in personal lines and $ 5  million of favorable development in excess and surplus lines for the three months ended June 30, 2025. Within commercial lines, we recognized favorable reserve development of $ 40  million for the commercial property line and $ 17  million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. This was partially offset by unfavorable reserve development of $ 18  million for the commercial auto line. Within personal lines, we recognized favorable reserve development of $ 25  million for the homeowner line.

We experienced $ 154 million of favorable development on prior accident years, including $ 85 million of favorable development in commercial lines, $ 38 million of favorable development in personal lines and $ 14  million of favorable development in excess and surplus lines for the six months ended June 30, 2025. Within commercial lines, we recognized favorable reserve development of $ 75 million for the commercial property line and $ 28  million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. This was partially offset by unfavorable reserve development of $ 24  million for the commercial auto line. Within personal lines, we recognized favorable reserve development of $ 44 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) June 30, 2026 December 31, 2025
Life policy reserves:
Term $ 1,116   $ 1,103  
Whole life 425   426  
Other 102   100  
Subtotal 1,643   1,629  
Investment contract reserves:
Deferred annuities 540   554  
Universal life 586   589  
Structured settlements 107   111  
Other 110   109  
Subtotal 1,343   1,363  
Total life policy and investment contract reserves $ 2,986   $ 2,992  

The balances and changes in the term and whole life policy reserves included in life policy and investment contract reserves are as follows:
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(Dollars in millions) Three months ended June 30,
2026 2025
Term Whole life Term Whole life
Present value of expected net premiums:
Balance, beginning of period $ 1,688   $ 221   $ 1,659   $ 220  
Beginning balance at original discount rate 1,749   227   1,719   227  
Effect of changes in cash flow assumptions 21   ( 5 ) ( 4 ) —  
Effect of actual variances from expected experience ( 4 ) —   5   ( 1 )
Adjusted beginning of period balance 1,766   222   1,720   226  
Issuances 40   4   41   4  
Interest accrual 20   3   19   2  
Net premiums collected ( 50 ) ( 7 ) ( 49 ) ( 6 )
Ending balance at original discount rate 1,776   222   1,731   226  
Effect of changes in discount rate assumptions ( 57 ) ( 6 ) ( 53 ) ( 6 )
Balance, end of period 1,719   216   1,678   220  

Present value of expected future policy benefits:
Balance, beginning of period 2,760   640   2,703   631  
Beginning balance at original discount rate 2,877   666   2,812   648  
Effect of changes in cash flow assumptions 36   ( 8 ) ( 12 ) —  
Effect of actual variances from expected experience ( 9 ) —   8   ( 1 )
Adjusted beginning of period balance 2,904   658   2,808   647  
Issuances 39   4   40   4  
Interest accrual 34   9   32   8  
Benefits paid ( 46 ) ( 9 ) ( 59 ) ( 8 )
Ending balance at original discount rate 2,931   662   2,821   651  
Effect of changes in discount rate assumptions ( 108 ) ( 21 ) ( 101 ) ( 17 )
Balance, end of period 2,823   641   2,720   634  

Net liability for future policy benefits:
Present value of expected future policy benefits less expected net premiums 1,104   425   1,042   414  
Impact of flooring at cohort level 12   —   19   —  
Net life policy reserves 1,116   425   1,061   414  
Less reinsurance recoverable at original discount rate ( 70 ) ( 24 ) ( 68 ) ( 25 )
Less effect of discount rate assumption changes on reinsurance recoverable ( 4 ) ( 3 ) ( 7 ) ( 3 )
Net life policy reserves, after reinsurance recoverable $ 1,042   $ 398   $ 986   $ 386  

Weighted-average duration of the net life policy reserves in years 11 14 11 15

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(Dollars in millions) Six months ended June 30,
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 21   ( 5 ) ( 4 ) —  
Effect of actual variances from expected experience ( 10 ) —   ( 3 ) ( 1 )
Adjusted beginning of period balance 1,754   223   1,712   227  
Issuances 79   8   76   7  
Interest accrual 39   5   38   5  
Net premiums collected ( 96 ) ( 14 ) ( 95 ) ( 13 )
Ending balance at original discount rate 1,776   222   1,731   226  
Effect of changes in discount rate assumptions ( 57 ) ( 6 ) ( 53 ) ( 6 )
Balance, end of period 1,719   216   1,678   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 36   ( 8 ) ( 12 ) —  
Effect of actual variances from expected experience ( 16 ) —   ( 6 ) ( 1 )
Adjusted beginning of period balance 2,883   654   2,794   645  
Issuances 78   8   76   7  
Interest accrual 66   17   64   17  
Benefits paid ( 96 ) ( 17 ) ( 113 ) ( 18 )
Ending balance at original discount rate 2,931   662   2,821   651  
Effect of changes in discount rate assumptions ( 108 ) ( 21 ) ( 101 ) ( 17 )
Balance, end of period 2,823   641   2,720   634  

Net liability for future policy benefits:
Present value of expected future policy benefits less expected net premiums 1,104   425   1,042   414  
Impact of flooring at cohort level 12   —   19   —  
Net life policy reserves 1,116   425   1,061   414  
Less reinsurance recoverable at original discount rate ( 70 ) ( 24 ) ( 68 ) ( 25 )
Less effect of discount rate assumption changes on reinsurance recoverable ( 4 ) ( 3 ) ( 7 ) ( 3 )
Net life policy reserves, after reinsurance recoverable $ 1,042   $ 398   $ 986   $ 386  

Weighted-average duration of the net life policy reserves in years 11 14 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 $ 2 million at June 30, 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 June 30,
2026 2025
Undiscounted Discounted Undiscounted Discounted
Term
Expected future benefit payments $ 5,183   $ 2,823   $ 4,947   $ 2,720  
Expected future gross premiums 4,782   2,782   4,632   2,697  
Whole life
Expected future benefit payments $ 1,765   $ 641   $ 1,709   $ 634  
Expected future gross premiums 710   423   688   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 June 30, Six months ended June 30,
2026 2025 2026 2025
Gross premiums
Term $ 80   $ 77   $ 157   $ 151  
Whole life 14   14   28   27  

Total $ 94   $ 91   $ 185   $ 178  
Interest accretion
Term $ 14   $ 13   $ 27   $ 26  
Whole life 6   6   12   12  

Total $ 20   $ 19   $ 39   $ 38  

Adverse development that resulted in an immediate charge to income due to net premiums exceeding gross premiums was immaterial for the six months ended June 30, 2026, and 2025 .

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

At June 30,
2026 2025
Term
Interest accretion rate 5.30   % 5.22   %
Current discount rate 5.32   4.93  
Whole life
Interest accretion rate 5.85   % 5.86   %
Current discount rate 5.78   5.68  

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 June 30, Six months ended June 30,
2026 2025 2026 2025
Deferred annuity Universal life Deferred annuity Universal life Deferred annuity Universal life Deferred annuity Universal life
Balance, beginning of period $ 546   $ 449   $ 582   $ 457   $ 554   $ 451   $ 595   $ 456  
Premiums received 8   9   8   9   14   18   12   19  
Policy charges —   ( 10 ) —   ( 10 ) —   ( 20 ) —   ( 20 )
Surrenders and withdrawals ( 15 ) ( 4 ) ( 18 ) ( 3 ) ( 30 ) ( 9 ) ( 35 ) ( 6 )
Benefit payments ( 4 ) ( 2 ) ( 3 ) ( 4 ) ( 8 ) ( 3 ) ( 8 ) ( 5 )
Interest credited 5   5   6   5   10   10   11   10  

Balance, end of period $ 540   $ 447   $ 575   $ 454   $ 540   $ 447   $ 575   $ 454  

Weighted average crediting rate 3.79   % 4.42   % 3.71   % 4.43   % 3.79   % 4.42   % 3.71   % 4.43   %
Net amount at risk $ —   $ 3,610   $ —   $ 3,746   $ —   $ 3,610   $ —   $ 3,746  
Cash surrender value 533   422   568   426   533   422   568   426  

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

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

(Dollars in millions) At guaranteed minimum 1 to 50 basis points above 51-150 basis points above Greater than 150 basis points Total
At June 30, 2026
Deferred annuity
1.00-3.00% $ 235   $ 2   $ 18   $ 242   $ 497  
3.01-4.00% 43   —   —   —   43  

Total $ 278   $ 2   $ 18   $ 242   $ 540  
Universal life
1.00-3.00% $ —   $ 53   $ 57   $ 18   $ 128  
3.01-4.00% 51   —   5   —   56  
Greater than 4.00% 263   —   —   —   263  
Total $ 314   $ 53   $ 62   $ 18   $ 447  

At June 30, 2025
Deferred annuity
1.00-3.00% $ 9   $ 269   $ 14   $ 237   $ 529  
3.01-4.00% 46   —   —   —   46  

Total $ 55   $ 269   $ 14   $ 237   $ 575  
Universal life
1.00-3.00% $ —   $ 55   $ 56   $ 15   $ 126  
3.01-4.00% 51   —   4   —   55  
Greater than 4.00% 273   —   —   —   273  
Total $ 324   $ 55   $ 60   $ 15   $ 454  

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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 June 30, Six months ended June 30,
2026 2025 2026 2025
Balance, beginning of period $ 141   $ 130   $ 138   $ 130  

Balance, beginning of period before shadow reserve adjustments 142   131   138   131  
Effect of changes in cash flow assumptions ( 5 ) —   ( 5 ) —  
Effect of actual variances from expected experience —   —   1   2  
Adjusted beginning of period balance 137   131   134   133  
Interest accrual 2   1   3   2  
Excess death benefits ( 2 ) ( 2 ) ( 4 ) ( 9 )
Attributed assessments 3   3   6   6  

Effect of changes in interest rate assumptions —   —   1   1  
Balance, end of period before shadow reserve adjustments 140   133   140   133  
Shadow reserve adjustments ( 1 ) ( 1 ) ( 1 ) ( 1 )
Balance, end of period 139   132   139   132  
Less reinsurance recoverable, end of period 7   6   7   6  

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

Weighted-average duration of the other additional liability in years 25 26 25 26

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

(Dollars in millions) Three months ended June 30, Six months ended June 30,
2026 2025 2026 2025
Balance, beginning of period $ 988   $ 959   $ 981   $ 952  
Interest credited before policy charges 13   11   24   22  

Benefit payments ( 6 ) —   ( 7 ) ( 8 )

Other 1   21   ( 2 ) 25  
Balance, end of period $ 996   $ 991   $ 996   $ 991  

Cash surrender value $ 990   $ 959   $ 990   $ 959  

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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 June 30, Six months ended June 30,
2026 2025 2026 2025
Property casualty:
Deferred policy acquisition costs asset, beginning of period $ 1,011   $ 937   $ 974   $ 886  
Capitalized deferred policy acquisition costs 534   513   1,046   998  
Amortized deferred policy acquisition costs ( 480 ) ( 445 ) ( 955 ) ( 879 )
Deferred policy acquisition costs asset, end of period $ 1,065   $ 1,005   $ 1,065   $ 1,005  

Life:
Deferred policy acquisition costs asset, beginning of period $ 373   $ 360   $ 370   $ 356  
Capitalized deferred policy acquisition costs 12   10   23   22  
Amortized deferred policy acquisition costs ( 8 ) ( 8 ) ( 16 ) ( 16 )

Deferred policy acquisition costs asset, end of period $ 377   $ 362   $ 377   $ 362  

Consolidated:
Deferred policy acquisition costs asset, beginning of period $ 1,384   $ 1,297   $ 1,344   $ 1,242  
Capitalized deferred policy acquisition costs 546   523   1,069   1,020  
Amortized deferred policy acquisition costs ( 488 ) ( 453 ) ( 971 ) ( 895 )

Deferred policy acquisition costs asset, end of period $ 1,442   $ 1,367   $ 1,442   $ 1,367  

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

(Dollars in millions)
Three months ended June 30, 2026 Term Whole life Deferred annuity Universal life Total
Balance, beginning of period $ 260   $ 56   $ 8   $ 49   $ 373  
Capitalized deferred policy acquisition costs 10   1   1   —   12  
Amortized deferred policy acquisition costs ( 6 ) ( 1 ) ( 1 ) —   ( 8 )
Balance, end of period $ 264   $ 56   $ 8   $ 49   $ 377  

Three months ended June 30, 2025
Balance, beginning of period $ 248   $ 53   $ 8   $ 51   $ 360  
Capitalized deferred policy acquisition costs 9   1   —   —   10  
Amortized deferred policy acquisition costs ( 6 ) ( 1 ) ( 1 ) —   ( 8 )
Balance, end of period $ 251   $ 53   $ 7   $ 51   $ 362  

(Dollars in millions)
Six months ended June 30, 2026 Term Whole life Deferred annuity Universal life Total
Balance, beginning of period $ 257   $ 55   $ 8   $ 50   $ 370  
Capitalized deferred policy acquisition costs 19   3   1   —   23  
Amortized deferred policy acquisition costs ( 12 ) ( 2 ) ( 1 ) ( 1 ) ( 16 )
Balance, end of period $ 264   $ 56   $ 8   $ 49   $ 377  

Six months ended June 30, 2025
Balance, beginning of period $ 245   $ 52   $ 8   $ 51   $ 356  
Capitalized deferred policy acquisition costs 18   3   —   1   22  
Amortized deferred policy acquisition costs ( 12 ) ( 2 ) ( 1 ) ( 1 ) ( 16 )
Balance, end of period $ 251   $ 53   $ 7   $ 51   $ 362  

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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 June 30,
2026 2025
Before tax Income tax Net Before tax Income tax Net
Investments:
AOCI, beginning of period $ ( 401 ) $ ( 86 ) $ ( 315 ) $ ( 486 ) $ ( 105 ) $ ( 381 )

OCI before investment gains and losses, net, recognized in net income 79   17   62   16   3   13  
Investment gains and losses, net, recognized in net income ( 5 ) ( 1 ) ( 4 ) 12   3   9  
OCI 74   16   58   28   6   22  
AOCI, end of period $ ( 327 ) $ ( 70 ) $ ( 257 ) $ ( 458 ) $ ( 99 ) $ ( 359 )

Pension obligations:
AOCI, beginning of period $ 84   $ 19   $ 65   $ 74   $ 17   $ 57  
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 $ 83   $ 19   $ 64   $ 73   $ 17   $ 56  

Life policy reserves, reinsurance recoverable and other:
AOCI, beginning of period $ 82   $ 17   $ 65   $ 68   $ 15   $ 53  

OCI before investment gains and losses, net, recognized in net income ( 10 ) ( 3 ) ( 7 ) 1   —   1  
Investment gains and losses, net, recognized in net income —   —   —   —   —   —  
OCI ( 10 ) ( 3 ) ( 7 ) 1   —   1  
AOCI, end of period $ 72   $ 14   $ 58   $ 69   $ 15   $ 54  

Summary of AOCI:
AOCI, beginning of period $ ( 235 ) $ ( 50 ) $ ( 185 ) $ ( 344 ) $ ( 73 ) $ ( 271 )

Investments OCI 74   16   58   28   6   22  
Pension obligations OCI ( 1 ) —   ( 1 ) ( 1 ) —   ( 1 )
Life policy reserves, reinsurance recoverable and other OCI ( 10 ) ( 3 ) ( 7 ) 1   —   1  
Total OCI 63   13   50   28   6   22  
AOCI, end of period $ ( 172 ) $ ( 37 ) $ ( 135 ) $ ( 316 ) $ ( 67 ) $ ( 249 )

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(Dollars in millions) Six months ended June 30,
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 ( 141 ) ( 29 ) ( 112 ) 81   17   64  
Investment gains and losses, net, recognized in net income ( 5 ) ( 1 ) ( 4 ) 14   3   11  
OCI ( 146 ) ( 30 ) ( 116 ) 95   20   75  
AOCI, end of period $ ( 327 ) $ ( 70 ) $ ( 257 ) $ ( 458 ) $ ( 99 ) $ ( 359 )

Pension obligations:
AOCI, beginning of period $ 85   $ 19   $ 66   $ 75   $ 17   $ 58  
OCI excluding amortization recognized in net income —   —   —   —   —   —  
Amortization recognized in net income ( 2 ) —   ( 2 ) ( 2 ) —   ( 2 )
OCI ( 2 ) —   ( 2 ) ( 2 ) —   ( 2 )
AOCI, end of period $ 83   $ 19   $ 64   $ 73   $ 17   $ 56  

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 20   3   17   ( 16 ) ( 3 ) ( 13 )
Investment gains and losses, net, recognized in net income —   —   —   —   —   —  
OCI 20   3   17   ( 16 ) ( 3 ) ( 13 )
AOCI, end of period $ 72   $ 14   $ 58   $ 69   $ 15   $ 54  

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

Investments OCI ( 146 ) ( 30 ) ( 116 ) 95   20   75  
Pension obligations OCI ( 2 ) —   ( 2 ) ( 2 ) —   ( 2 )
Life policy reserves, reinsurance recoverable and other OCI 20   3   17   ( 16 ) ( 3 ) ( 13 )
Total OCI ( 128 ) ( 27 ) ( 101 ) 77   17   60  
AOCI, end of period $ ( 172 ) $ ( 37 ) $ ( 135 ) $ ( 316 ) $ ( 67 ) $ ( 249 )

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 June 30, Six months ended June 30,
2026 2025 2026 2025
Direct written premiums $ 2,739   $ 2,672   $ 5,246   $ 5,060  
Assumed written premiums 216   196   497   499  
Ceded written premiums ( 130 ) ( 135 ) ( 250 ) ( 331 )
Net written premiums $ 2,825   $ 2,733   $ 5,493   $ 5,228  

Direct earned premiums $ 2,479   $ 2,333   $ 4,927   $ 4,580  
Assumed earned premiums 170   162   337   352  
Ceded earned premiums ( 101 ) ( 98 ) ( 197 ) ( 271 )
Earned premiums $ 2,548   $ 2,397   $ 5,067   $ 4,661  

Direct incurred loss and loss expenses $ 1,759   $ 1,508   $ 3,354   $ 3,657  
Assumed incurred loss and loss expenses 84   91   165   327  
Ceded incurred loss and loss expenses ( 35 ) ( 12 ) ( 44 ) ( 510 )
Incurred loss and loss expenses $ 1,808   $ 1,587   $ 3,475   $ 3,474  

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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 June 30, Six months ended June 30,
2026 2025 2026 2025
Direct earned premiums $ 107   $ 104   $ 212   $ 203  

Ceded earned premiums ( 20 ) ( 21 ) ( 40 ) ( 40 )
Earned premiums $ 87   $ 83   $ 172   $ 163  

Direct contract holders' benefits incurred $ 96   $ 104   $ 195   $ 198  

Ceded contract holders' benefits incurred ( 17 ) ( 31 ) ( 32 ) ( 44 )
Contract holders' benefits incurred $ 79   $ 73   $ 163   $ 154  

 
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 June 30, 2026, and December 31, 2025. The allowances for credit losses on other premiums receivable and reinsurance recoverable assets were immaterial at June 30, 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 June 30, Six months ended June 30,
2026 2025 2026 2025
Tax at statutory rate: $ 331   21.0   % $ 180   21.0   % $ 399   21.0   % $ 153   21.0   %
Increase (decrease) resulting from:                
Nontaxable or nondeductible items
Tax-exempt income from municipal bonds ( 6 ) ( 0.4 ) ( 6 ) ( 0.7 ) ( 12 ) ( 0.6 ) ( 11 ) ( 1.5 )
Dividend received exclusion ( 6 ) ( 0.4 ) ( 6 ) ( 0.7 ) ( 12 ) ( 0.6 ) ( 11 ) ( 1.5 )
Other nontaxable or nondeductible items —   —   —   —   ( 1 ) ( 0.1 ) 2   0.3  
Other 2   0.2   2   0.3   ( 1 ) ( 0.1 ) ( 1 ) ( 0.1 )
Provision for income taxes $ 321   20.4   % $ 170   19.9   % $ 373   19.6   % $ 132   18.2   %

 
The provision 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 June 30, 2026, and December 31, 2025.

Cincinnati Global
Cincinnati Global had no operating loss carryforwards in the United States and $ 26 million and $ 50  million in the United Kingdom at June 30, 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 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 June 30, Six months ended June 30,
2026 2025 2026 2025
Numerator:        
Net income—basic and diluted
$ 1,255   $ 685   $ 1,529   $ 595  
Denominator:        
Basic weighted-average common shares outstanding 154.1   156.3   154.7   156.4  
Effect of share-based awards:        
Stock options 1.1   0.9   1.1   1.0  
Nonvested shares 0.5   0.6   0.5   0.4  
Diluted weighted-average shares 155.7   157.8   156.3   157.8  
Earnings per share:        
Basic $ 8.14   $ 4.38   $ 9.88   $ 3.81  
Diluted $ 8.05   $ 4.34   $ 9.78   $ 3.77  
Number of anti-dilutive share-based awards 0.3   0.3   0.5   0.4  

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 and six months ended June 30, 2026 and 2025.

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 June 30, Six months ended June 30,
2026 2025 2026 2025
Service cost $ 1   $ 1   $ 2   $ 2  
Non-service (benefit) costs:
Interest cost 3   3   7   7  
Expected return on plan assets ( 6 ) ( 5 ) ( 12 ) ( 11 )
Amortization of actuarial gain and prior service cost ( 1 ) ( 1 ) ( 2 ) ( 2 )

 Total non-service benefit ( 4 ) ( 3 ) ( 7 ) ( 6 )
Net periodic benefit $ ( 3 ) $ ( 2 ) $ ( 5 ) $ ( 4 )

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 $ 9  million and $ 8  million to our 401(k) and Top Hat savings plans during the second quarter of 2026 and 2025, respectively, and contributions of $ 17  million and $ 19  million for the first half of 2026 and 2025, respectively.

We made no contributions to our qualified pension plan during the first six 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 June 30, Six months ended June 30,
2026 2025 2026 2025

Commercial lines insurance        

Commercial lines insurance premiums $ 1,251   $ 1,212   $ 2,492   $ 2,391  
Fee revenues 1   —   2   2  
Total commercial lines insurance revenues 1,252   1,212   2,494   2,393  
Loss and loss expenses 910   767   1,757   1,502  
Underwriting expenses 391   358   768   707  
Total commercial lines income (loss) before income taxes ( 49 ) 87   ( 31 ) 184  

Personal lines insurance      

Personal lines insurance premiums 880   804   1,753   1,502  
Fee revenues 1   2   3   3  
Total personal lines insurance revenues 881   806   1,756   1,505  
Loss and loss expenses 638   598   1,245   1,444  
Underwriting expenses 242   222   480   432  
Total personal lines income (loss) before income taxes 1   ( 14 ) 31   ( 371 )

Excess and surplus lines insurance
Excess and surplus lines insurance premiums 189   174   369   336  
Fee revenues 1   1   2   2  
Total excess and surplus lines insurance revenues 190   175   371   338  
Loss and loss expenses 118   110   228   209  
Underwriting expenses 53   49   103   93  
Total excess and surplus lines income before income taxes 19   16   40   36  

Life insurance
Life insurance premiums 87   83   172   163  
Fee revenues 2   2   3   3  
Total life insurance revenues 89   85   175   166  
Contract holders' benefits incurred 79 73   163   154  
Investment interest credited to contract holders ( 33 ) ( 31 ) ( 65 ) ( 63 )
Underwriting expenses incurred 25 24   48   47  
Total life insurance income before income taxes 18   19   29   28  

Investments
    Investment income, net of expenses 319   285   637   565  
    Investment gains and losses, net 1,308   473   1,238   406  
Total investment revenue 1,627   758   1,875   971  
Investment interest credited to contract holders 33   31   65   63  
Total investment income before income taxes 1,594   727   1,810   908  

Reconciliation to condensed consolidated income before
income taxes
Total segment revenues 4,039   3,036   6,671   5,373  
Other earned premiums 228   207   453   432  
Other revenues 7   5   13   9  
Total revenues 4,274   3,248   7,137   5,814  
Total segment benefits and expenses 2,456   2,201   4,792   4,588  
Other loss and loss expenses 142   112   245   319  
Other underwriting expenses 75   56   151   132  
Other benefits and expenses 25   24   47   48  
Total benefits and expenses 2,698   2,393   5,235   5,087  
Total income before income taxes $ 1,576   $ 855   $ 1,902   $ 727  

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Identifiable assets by segment are summarized in the following table:

(Dollars in millions) June 30, December 31,
2026 2025
Identifiable assets:
Property casualty insurance $ 7,542   $ 6,916  
Life insurance 1,744   1,695  
Investments 32,544   31,199  
Other 1,401   1,192  
Total $ 43,231   $ 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 June 30, Six months ended June 30,
2026 2025 % Change 2026 2025 % Change
Earned premiums $ 2,635   $ 2,480  6  $ 5,239   $ 4,824  9 
Investment income, net of expenses (pretax) 319   285  12  637   565  13 
Investment gains and losses, net (pretax) 1,308   473  177  1,238   406  205 
Total revenues 4,274   3,248  32  7,137   5,814  23 
Net income 1,255   685  83  1,529   595  157 
Comprehensive income 1,305   707  85  1,428   655  118 
Net income per share—diluted 8.05   4.34  85  9.78   3.77  159 
Cash dividends declared per share 0.94   0.87  8  1.88   1.74  8 
Diluted weighted average shares outstanding 155.7   157.8  (1) 156.3   157.8  (1)

Total revenues increased $1.026 billion for the second quarter of 2026, compared with the second quarter of 2025, including higher net investment gains, earned premiums and investment income. For the first six months of 2026, compared with the same period of 2025, total revenues increased $1.323 billion, including higher net investment gains, 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 second quarter of 2026, compared with the second quarter of 2025, increased $570 million, including increases of $657 million in after-tax investment gains and losses and $28 million in after-tax investment income, partially offset by a decrease of $115 million in after-tax property casualty underwriting profit. Catastrophe losses for the second quarter of 2026, mostly weather related, were $61 million higher after taxes and contributed unfavorably to both net income and property casualty underwriting profit. Life insurance segment results decreased by $1 million on a pretax basis.

For the first six months of 2026, net income increased $934 million, compared with the first six months of 2025,
including increases of $654 million in after-tax investment gains and losses, $211 million in after-tax property casualty underwriting income and $59 million in after-tax investment income. The property casualty underwriting income increase included a favorable $172 million after-tax effect from lower catastrophe losses. Life insurance segment results increased by $1 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 six 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 June 30, At December 31,
2026 2025
Total investments $ 33,153   $ 31,783 
Total assets 43,231   41,002 
Short-term debt 17   25 
Long-term debt 791   790 
Shareholders' equity 16,671   15,911 
Book value per share 108.64   102.35 
Debt-to-total-capital ratio 4.6   % 4.9  %

Total assets at June 30, 2026, increased 5% compared with year-end 2025, and included an increase of 4% in total investments that reflected net purchases and higher fair values for many securities in our equity portfolio. Shareholders' equity increased 5% and book value per share increased 6% during the first six months of 2026. Our debt-to-total-capital ratio (capital is the sum of debt plus shareholders' equity) decreased compared with year-end 2025.

Our value creation ratio is our primary performance metric. As shown in the tables below, that ratio was 8.0% for the first six months of 2026, compared with 4.6% for the same period in 2025. The increase was primarily due to an increase in overall net gains from our investment portfolio and net income before investment gains. Book value per share increased $6.29 during the first six months of 2026 and contributed 6.2 percentage points to the value creation ratio, while dividends declared at $1.88 per share contributed 1.8 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 June 30, Six months ended June 30,
2026 2025 2026 2025
Value creation ratio major contributors:        
Net income before investment gains 1.4   % 2.3  % 3.5   % 2.0  %
Change in fixed-maturity securities, realized and unrealized gains 0.4   0.1  (0.7) 0.5 
Change in equity securities, investment gains 6.6   2.7  6.2   2.3 
Other (0.5) 0.1  (1.0) (0.2)
     Value creation ratio 7.9   % 5.2  % 8.0   % 4.6  %

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(Dollars are per share) Three months ended June 30, Six months ended June 30,
2026 2025 2026 2025
Value creation ratio:        
End of period book value* $ 108.64   $ 91.46  $ 108.64   $ 91.46 
Less beginning of period book value 101.60   87.78  102.35   89.11 
Change in book value 7.04   3.68  6.29   2.35 
Dividend declared to shareholders 0.94   0.87  1.88   1.74 
Total value creation $ 7.98   $ 4.55  $ 8.17   $ 4.09 

Value creation ratio from change in book value** 7.0   % 4.2  % 6.2   % 2.6  %
Value creation ratio from dividends declared to shareholders*** 0.9   1.0  1.8   2.0 
Value creation ratio 7.9   % 5.2  % 8.0   % 4.6  %

    * 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 June 30, 2026, we actively marketed through 2,407 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 six months of 2026, our consolidated property casualty net written premium year-over-year growth was 5%. 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 six months of 2026, our GAAP combined ratio was 98.2%, including 12.8 percentage points of current accident year catastrophe losses partially offset by 2.4 percentage points of favorable loss reserve development on prior accident years. Our statutory combined ratio was 97.3% for the first six 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 six months of 2026, pretax investment income was $637 million, up 13% 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 June 30, 2026, we held $5.722 billion of our cash and cash equivalents and invested assets at the parent-company level, of which $5.232 billion, or 91.4%, was invested in common stocks, and $201 million, or 3.5%, was cash or cash equivalents. Our debt-to-total-capital ratio was 4.6% at June 30, 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 June 30, 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 July 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 June 30, Six months ended June 30,
2026 2025 % Change 2026 2025 % Change
Earned premiums $ 2,548 $ 2,397 6  $ 5,067 $ 4,661 9 
Fee revenues 3 3 0  7 7 0 
Total revenues 2,551 2,400 6  5,074 4,668 9 
Loss and loss expenses from:            
Current accident year before catastrophe losses 1,485 1,354 10  2,948 2,724 8 
Current accident year catastrophe losses 365 296 23  650 904 (28)
Prior accident years before catastrophe losses (44) (57) 23  (112) (107) (5)
Prior accident years catastrophe losses 2 (6) nm (11) (47) 77 
Loss and loss expenses 1,808 1,587 14  3,475 3,474 0 
Underwriting expenses 761 685 11  1,502 1,364 10 
Underwriting profit (loss) $ (18) $ 128 nm $ 97 $ (170) nm

Ratios as a percent of earned premiums:     Pt. Change     Pt. Change
    Current accident year before catastrophe losses 58.3   % 56.5  % 1.8  58.2   % 58.4  % (0.2)
    Current accident year catastrophe losses 14.4   12.4  2.0  12.8   19.4  (6.6)
    Prior accident years before catastrophe losses (1.8) (2.4) 0.6  (2.2) (2.3) 0.1 
    Prior accident years catastrophe losses 0.1   (0.2) 0.3  (0.2) (1.0) 0.8 
Loss and loss expenses 71.0   66.3  4.7  68.6   74.5  (5.9)
Underwriting expenses 29.8   28.6  1.2  29.6   29.3  0.3 
Combined ratio 100.8   % 94.9  % 5.9  98.2   % 103.8  % (5.6)

Combined ratio 100.8   % 94.9  % 5.9  98.2   % 103.8  % (5.6)
Contribution from catastrophe losses and prior years reserve development 12.7   9.8  2.9  10.4   16.1  (5.7)
Combined ratio before catastrophe losses and prior years reserve development 88.1   % 85.1  % 3.0  87.8   % 87.7  % 0.1 

 
Our consolidated property casualty insurance operations generated an underwriting loss of $18 million for the second quarter of 2026 and an underwriting profit of $97 million for the first six months of 2026. The second-quarter 2026 underwriting profit decrease of $146 million, compared with second-quarter 2025, included an unfavorable increase of $77 million in losses from catastrophes, mostly caused by severe weather, and a lower amount of total favorable reserve development on prior accident years. The change in underwriting profitability for the second quarter of 2026 was primarily from higher incurred but not reported (IBNR) loss and loss expenses for the current accident year. The six-month underwriting profit of $97 million, compared with an underwriting loss of $170 million for the first six months of 2025, included a favorable decrease of $254 million in current accident year catastrophe losses. For the first six months of 2026, the combined ratio before catastrophe losses and prior years reserve development increased by 0.1% percentage points compared with the same period of 2025.

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Underwriting results for the second quarter and first six months of 2026 included ratios for the current accident year before catastrophe losses that increased for the second quarter and decreased for the first six months of 2026. Pricing segmentation is expected to help 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 June 30, 2026, were $981 million or 9%, higher than at year-end 2025, including an increase of $845 million for the incurred but not reported (IBNR) portion.

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

Our consolidated property casualty combined ratio for the second quarter of 2026 increased by 5.9 percentage points, compared with the same period of 2025, including an increase of 2.3 points from catastrophe losses and loss expenses. For the first six months of 2026, compared with the 2025 six-month period, our combined ratio decreased by 5.6 percentage points, including a decrease of 5.8 points from catastrophe losses and loss expenses. Other combined ratio components that changed are discussed below and in further detail in Financial Results by property casualty insurance segment.

The combined ratio can be affected significantly by natural catastrophe losses and other large losses as discussed in detail below. The combined ratio can also be affected by updated estimates of loss and loss expense reserves established for claims that occurred in prior periods, referred to as prior accident years. Net favorable development on prior accident year reserves, including reserves for catastrophe losses, benefited the combined ratio by 2.4 percentage points in the first six months of 2026, compared with 3.3 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 six months of 2026. That 58.2% ratio was 0.2 percentage points lower, compared with the 58.4% accident year 2025 ratio measured as of June 30, 2025, including a ratio for large losses of $2 million or more per claim, discussed below, that matched the 2025 ratio. The ratio improvement of 0.2 percentage points included an increase of 0.9 points for the IBNR portion and a decrease of 1.1 points for the case incurred portion.
 
The underwriting expense ratio increased for the second quarter and first fix months of 2026, compared with the same periods a year ago. The increases were largely due to increases in commissions and timing of recognition of certain expenses.
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Consolidated Property Casualty Insurance Premiums

(Dollars in millions) Three months ended June 30, Six months ended June 30,
2026 2025 % Change 2026 2025 % Change
Agency renewal written premiums $ 2,254   $ 2,135  6  $ 4,299   $ 4,047  6 
Agency new business written premiums 353   404  (13) 692   787  (12)

Other written premiums 218   194  12  502   394  27 
Net written premiums 2,825   2,733  3  5,493   5,228  5 
Unearned premium change (277) (336) 18  (426) (567) 25 
Earned premiums $ 2,548   $ 2,397  6  $ 5,067   $ 4,661  9 

 
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 second quarter and six months ended June 30, 2026, grew $92 million and $265 million compared with the same periods 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 $51 million for the second quarter and decreased by $95 million for the first six months of 2026, compared with the same periods of 2025, due to the personal lines segment. New agency appointments during 2026 and 2025 produced a $38 million increase in new business for the first six 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 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, increased by $27 million in both the second quarter and the six months ended June 30, 2026, compared with the same periods of 2025, to $191 million and $445 million, respectively. Cincinnati Re assumes risks through reinsurance treaties and in some cases cedes part of the risk and related premiums to one or more unaffiliated reinsurance companies through transactions known as retrocessions.
 
Cincinnati Global is also included in other written premiums. Net written premiums for Cincinnati Global increased by $1 million in the second quarter and $23 million for the six months ended June 30, 2026, to $98 million and $196 million, respectively, compared with the same periods 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 $5 million and $81 million for the second quarter and first six months of 2026, compared with the same periods of 2025. Other written premiums for the first six months of 2025 included a net unfavorable amount of $52 million for reinsurance treaty reinstatement premiums related to the California wildfires.

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 14.5 and 12.6 percentage points to the combined ratio in the second quarter and first six months of 2026, compared with 12.2 and 18.4 percentage points in the same periods of 2025.

Effective June 1, 2026, we renewed the reinsurance program for Cincinnati Re only, which provides retrocession coverages with various triggers, exclusions and unique features. The program includes property catastrophe excess of loss coverage in excess of various per occurrence retentions that are based on the territory of the subject business, with a total available limit of $63 million per occurrence. Ceded premiums for the one-year renewal period of coverage from the program are estimated to be approximately $14 million.
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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 June 30, Six months ended June 30,
    Comm. Pers. E&S   Comm. Pers. E&S  
Dates Region lines lines lines Other Total lines lines lines Other Total
2026          
Jan. 23-29 Midwest, Northeast, South $ —   $ 3   $ —   $ (1) $ 2   $ 15   $ 32   $ —   $ 1   $ 48  
Mar. 10-12 Midwest, South (1) 8   —   —   7   9   38   —   —   47  
Mar. 13-14 Midwest, Northeast, South (4) (1) —   —   (5) 25   33   —   —   58  
Mar. 26-27 Midwest (3) 6   —   —   3   32   9   —   —   41  
Apr. 12-16 Midwest, Northeast, South 72   51   2   5   130   72   51   2   5   130  
Apr. 22 - May 1 Midwest, South 25   32   —   —   57   25   32   —   —   57  
Jun. 9-12 Midwest, Northeast, South 24   14   —   —   38   24   14   —   —   38  

All other 2026 catastrophes 36   75   1   21   133   68   128   2   33   231  
Development on 2025 and prior catastrophes (1) 7   —   (4) 2   (2) 5   (1) (13) (11)
Calendar year incurred total $ 148   $ 195   $ 3   $ 21   $ 367   $ 268   $ 342   $ 3   $ 26   $ 639  

2025          
Jan. 7-28 West $ —  $ (1) $ —  $ —  $ (1) $ —  $ 324  $ —  $ 124  $ 448 
Mar. 14-17 Midwest, Northeast, South 5  13  —  2  20  47  88  1  2  138 
Apr. 1-7 Midwest, South 20  40  —  —  60  20  40  —  —  60 
May 15-16 Midwest, Northeast 23  65  —  —  88  23  65  —  —  88 

All other 2025 catastrophes 40  87  2  —  129  54  110  3  3  170 
Development on 2024 and prior
 catastrophes (3) (13) —  10  (6) (17) (26) (1) (3) (47)
Calendar year incurred total $ 85  $ 191  $ 2  $ 12  $ 290  $ 127  $ 601  $ 3  $ 126  $ 857 

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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 June 30, Six months ended June 30,
2026 2025 % Change 2026 2025 % Change
Current accident year losses greater than $5 million $ 29   $ 15  93  $ 37   $ 41  (10)
Current accident year losses $2 million - $5 million 55   40  38  75   60  25 
Large loss prior accident year reserve development 51   27  89  101   83  22 
Total large losses incurred 135   82  65  213   184  16 
Losses incurred but not reported 288   213  35  507   492  3 
Other losses excluding catastrophe losses 767   741  4  1,605   1,429  12 
Catastrophe losses 359   280  28  625   838  (25)
Total losses incurred $ 1,549   $ 1,316  18  $ 2,950   $ 2,943  0 

Ratios as a percent of earned premiums:     Pt. Change     Pt. Change
Current accident year losses greater than $5 million 1.2   % 0.6  % 0.6  0.7   % 0.9  % (0.2)
Current accident year losses $2 million - $5 million 2.1   1.7  0.4  1.5   1.3  0.2 
Large loss prior accident year reserve development 2.0   1.1  0.9  2.0   1.8  0.2 
Total large loss ratio 5.3   3.4  1.9  4.2   4.0  0.2 
Losses incurred but not reported 11.3   8.9  2.4  10.0   10.5  (0.5)
Other losses excluding catastrophe losses 30.1   30.9  (0.8) 31.7   30.6  1.1 
Catastrophe losses 14.1   11.7  2.4  12.3   18.0  (5.7)
Total loss ratio 60.8   % 54.9  % 5.9  58.2   % 63.1  % (4.9)

 
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 second-quarter 2026 property casualty total large losses incurred of $135 million, net of reinsurance, was higher than the $111 million quarterly average during full-year 2025 and the $82 million experienced for the second quarter of 2025. The ratio for these large losses was 1.9 percentage points higher compared with last year's second quarter. The second-quarter 2026 amount of total large losses incurred unfavorably contributed to the increase in the six-month 2026 total large loss ratio, compared with 2025, offsetting a first-quarter 2026 ratio that was 1.4 points lower than the first quarter of 2025. 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 June 30, Six months ended June 30,
2026 2025 % Change 2026 2025 % Change
Earned premiums $ 1,251   $ 1,212  3  $ 2,492   $ 2,391  4 
Fee revenues 1   —  nm 2   2  0 
Total revenues 1,252   1,212  3  2,494   2,393  4 
Loss and loss expenses from:            
Current accident year before catastrophe losses 778   721  8  1,557   1,443  8 
Current accident year catastrophe losses 149   88  69  270   144  88 
Prior accident years before catastrophe losses (16) (39) 59  (68) (68) 0 
Prior accident years catastrophe losses (1) (3) 67  (2) (17) 88 
Loss and loss expenses 910   767  19  1,757   1,502  17 
Underwriting expenses 391   358  9  768   707  9 
Underwriting profit (loss) $ (49) $ 87  nm $ (31) $ 184  nm

Ratios as a percent of earned premiums:     Pt. Change     Pt. Change
Current accident year before catastrophe losses 62.2   % 59.6  % 2.6  62.5   % 60.3  % 2.2 
Current accident year catastrophe losses 12.0   7.2  4.8  10.8   6.1  4.7 
Prior accident years before catastrophe losses (1.3) (3.3) 2.0  (2.7) (2.9) 0.2 
Prior accident years catastrophe losses (0.1) (0.2) 0.1  (0.1) (0.7) 0.6 
Loss and loss expenses 72.8   63.3  9.5  70.5   62.8  7.7 
Underwriting expenses 31.3   29.6  1.7  30.8   29.6  1.2 
Combined ratio 104.1   % 92.9  % 11.2  101.3   % 92.4  % 8.9 

Combined ratio 104.1   % 92.9  % 11.2  101.3   % 92.4  % 8.9 
Contribution from catastrophe losses and prior years reserve development 10.6   3.7  6.9  8.0   2.5  5.5 
Combined ratio before catastrophe losses and prior years reserve development 93.5   % 89.2  % 4.3  93.3   % 89.9  % 3.4 

 
Overview
Performance highlights for the commercial lines segment include:
• Premiums – Earned premiums and net written premiums for the commercial lines segment grew during the second quarter and first six months of 2026, compared with the same periods a year ago, primarily due to agency renewal written premium growth that continued to include higher average pricing. The table below analyzes the primary components of premiums. We continue to use predictive analytics tools to improve pricing precision and segmentation while leveraging our local relationships with agents through the efforts of our teams that work closely with them. We seek to maintain appropriate pricing discipline for both new and renewal business as our agents and underwriters assess account quality to make careful decisions on a policy-by-policy basis whether to write or renew a policy.
Agency renewal written premiums increased 3% for the second quarter and first six months of 2026, compared with the same periods of 2025, including price increases. During the second 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.
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Our average overall commercial lines renewal pricing change includes the impact of flat pricing for certain coverages within package policies written for a three-year term that were in force but did not expire during the period being measured. Therefore, our reported change in average commercial lines renewal pricing reflects a blend of three-year policies that did not expire and other policies that did expire during the measurement period. For commercial lines policies that did expire and were then renewed during the second quarter of 2026, we estimate that our average percentage price increases were in the mid-single-digit range for our commercial casualty and commercial auto lines of business. For our commercial property line of business we estimate average price increases were in the low-single-digit range. 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 six 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 six months of 2026 contributed $32 million to net written premiums, compared with $48 million for the same period of 2025.
New business written premiums for commercial lines increased $8 million and $10 million during the second quarter and first six months of 2026, compared with the same periods 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 less than $1 million and approximately $1 million for the second quarter and first six months of 2026, compared with the same periods of 2025.

Commercial Lines Insurance Premiums

(Dollars in millions) Three months ended June 30, Six months ended June 30,
2026 2025 % Change 2026 2025 % Change
Agency renewal written premiums $ 1,146   $ 1,116  3  $ 2,330   $ 2,268  3 
Agency new business written premiums 208   200  4  413   403  2 
Other written premiums (27) (26) (4) (57) (56) (2)
Net written premiums 1,327   1,290  3  2,686   2,615  3 
Unearned premium change (76) (78) 3  (194) (224) 13 
Earned premiums $ 1,251   $ 1,212  3  $ 2,492   $ 2,391  4 

 
• Combined ratio – The second-quarter 2026 commercial lines combined ratio increased by 11.2 percentage points, compared with the second quarter of 2025, including an increase of 4.9 points in losses from catastrophes. The second-quarter combined ratio increased by 2.6 points from current accident year loss and loss expenses before catastrophe losses, including a decrease of 1.4 points for the IBNR portion and an increase of 4.0 points for the case incurred portion. For the first six months of 2026, the combined ratio increased by 8.9 percentage points, compared with the same period a year ago, including an increase of 5.3 points in losses from catastrophes. The six-month 2026 combined ratio also included an increase of 2.2 points from current accident year loss and loss expenses before catastrophe losses, including an increase of 0.9 points for the IBNR portion and an increase 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 June 30 of the respective years and included an increase of 0.7 percentage points for the first six 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 11.9 and 10.7 percentage points of the combined ratio for the second quarter and first six months of 2026, compared with 7.0 and 5.4 percentage points for the same
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periods 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 second quarter and first six months of 2026 was favorable for commercial lines overall by $17 million and $70 million, compared with $42 million and $85 million for the same periods in 2025. For the first six 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 six 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 $14 million of unfavorable reserve development on prior accident years for the second quarter of 2026, driven by one older accident year that included updated estimates of ultimate losses for a small number of insureds. 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 commercial lines underwriting expense ratio increased for the second quarter and first six months of 2026, compared with the same periods a year ago. The increase was largely due to an increase in commission expenses and timing of recognition of certain expenses. The ratio for both periods also included ongoing expense management efforts.

Commercial Lines Insurance Losses Incurred by Size

(Dollars in millions, net of reinsurance) Three months ended June 30, Six months ended June 30,
2026 2025 % Change 2026 2025 % Change
Current accident year losses greater than $5 million $ 29   $ 5  480  $ 29   $ 12  142 
Current accident year losses $2 million - $5 million 33   22  50  38   37  3 
Large loss prior accident year reserve development 53   14  279  88   58  52 
Total large losses incurred 115   41  180  155   107  45 
Losses incurred but not reported 104   106  (2) 198   269  (26)
Other losses excluding catastrophe losses 403   383  5  844   701  20 
Catastrophe losses 147   83  77  264   123  115 
Total losses incurred $ 769   $ 613  25  $ 1,461   $ 1,200  22 

Ratios as a percent of earned premiums:     Pt. Change     Pt. Change
Current accident year losses greater than $5 million 2.4   % 0.5  % 1.9  1.2   % 0.5  % 0.7 
Current accident year losses $2 million - $5 million 2.7   1.8  0.9  1.5   1.5  0.0 
Large loss prior accident year reserve development 4.2   1.2  3.0  3.6   2.5  1.1 
Total large loss ratio 9.3   3.5  5.8  6.3   4.5  1.8 
Losses incurred but not reported 8.3   8.7  (0.4) 8.0   11.3  (3.3)
Other losses excluding catastrophe losses 32.1   31.6  0.5  33.7   29.3  4.4 
Catastrophe losses 11.7   6.8  4.9  10.6   5.1  5.5 
Total loss ratio 61.4   % 50.6  % 10.8  58.6   % 50.2  % 8.4 

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We continue to monitor new losses and case reserve increases greater than $2 million for trends in factors such as initial reserve levels, loss cost inflation and claim settlement expenses. Our analysis continues to indicate no unexpected concentration of these large losses and case reserve increases by risk category, geographic region, policy inception, agency or field marketing territory. The second-quarter 2026 commercial lines total large losses incurred of $115 million, net of reinsurance, was higher than the quarterly average of $74 million during full-year 2025 and the $41 million of total large losses incurred for the second quarter of 2025. The increase in commercial lines large losses for the first six months of 2026 was primarily due to our commercial casualty and commercial property lines of business. The second-quarter 2026 ratio for commercial lines total large losses was 5.8 percentage points higher than last year's second-quarter ratio. The second-quarter 2026 amount of total large losses incurred contributed to the increase in the six-month 2026 total large loss ratio, compared with 2025, offsetting a first-quarter 2026 ratio that was 2.4 points lower than the first quarter of 2025. 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.

PERSONAL LINES INSURANCE RESULTS

(Dollars in millions) Three months ended June 30, Six months ended June 30,
2026 2025 % Change 2026 2025 % Change
Earned premiums $ 880   $ 804  9  $ 1,753   $ 1,502  17 
Fee revenues 1   2  (50) 3   3  0 
Total revenues 881   806  9  1,756   1,505  17 
Loss and loss expenses from:            
Current accident year before catastrophe losses 461   413  12  926   855  8 
Current accident year catastrophe losses 188   204  (8) 337   627  (46)
Prior accident years before catastrophe losses (18) (6) (200) (23) (12) (92)
Prior accident years catastrophe losses 7   (13) nm 5   (26) nm
Loss and loss expenses 638   598  7  1,245   1,444  (14)
Underwriting expenses 242   222  9  480   432  11 
Underwriting profit (loss) $ 1   $ (14) nm $ 31   $ (371) nm

Ratios as a percent of earned premiums:     Pt. Change     Pt. Change
Current accident year before catastrophe losses 52.3   % 51.3  % 1.0  52.8   % 56.9  % (4.1)
Current accident year catastrophe losses 21.4   25.4  (4.0) 19.2   41.7  (22.5)
Prior accident years before catastrophe losses (2.1) (0.7) (1.4) (1.3) (0.8) (0.5)
Prior accident years catastrophe losses 0.8   (1.6) 2.4  0.3   (1.7) 2.0 
Loss and loss expenses 72.4   74.4  (2.0) 71.0   96.1  (25.1)
Underwriting expenses 27.5   27.6  (0.1) 27.4   28.8  (1.4)
Combined ratio 99.9   % 102.0  % (2.1) 98.4   % 124.9  % (26.5)

Combined ratio 99.9   % 102.0  % (2.1) 98.4   % 124.9  % (26.5)
Contribution from catastrophe losses and prior years reserve development 20.1   23.1  (3.0) 18.2   39.2  (21.0)
Combined ratio before catastrophe losses and prior years reserve development 79.8   % 78.9  % 0.9  80.2   % 85.7  % (5.5)

Overview
Performance highlights for the personal lines segment include:
• Premiums – Personal lines earned premiums and net written premiums continued to grow during the second quarter and first six 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 9% and 11% for the second quarter and first six 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. Policy retention has also decreased in recent quarters to the
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upper-80% range. 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 six 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 $63 million or 45% for the second quarter of 2026, compared with the same period of 2025. For the first six months of 2026, compared with the same period of 2025, personal lines new business written premiums decreased $114 million, or 43%. 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, an increase in 2026 ceded premiums decreased net written premiums by approximately $4 million for the second quarter of 2026 compared with the same period of 2025. For the first six months of 2026, a decrease in 2026 ceded premiums increased net written premiums by approximately $59 million compared with the same period of 2025. Ceded premiums for the first six months of 2025 included a net amount of $64 million for reinsurance reinstatement premiums related to the January 2025 wildfires in southern California.

Personal Lines Insurance Premiums

(Dollars in millions) Three months ended June 30, Six months ended June 30,
2026 2025 % Change 2026 2025 % Change
Agency renewal written premiums $ 943   $ 866  9  $ 1,669   $ 1,500  11 
Agency new business written premiums 78   141  (45) 154   268  (43)
Other written premiums (31) (27) (15) (58) (116) 50 
Net written premiums 990   980  1  1,765   1,652  7 
Unearned premium change (110) (176) 38  (12) (150) 92 
Earned premiums $ 880   $ 804  9  $ 1,753   $ 1,502  17