FULLTEXT DEL 1 AV 2
10-Q – 2026-07-27 – cinf-20260630.htm
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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 Table of Contents 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. Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 6 Table of Contents 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. Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 7 Table of Contents NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1 — Accounting Policies The condensed consolidated financial statements include the accounts of Cincinnati Financial Corporation and its consolidated subsidiaries, each of which is wholly owned. These statements are presented in conformity with accounting principles generally accepted in the United States of America (GAAP). All intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Our actual results could differ from those estimates. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been condensed or omitted. Our 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. Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 8 Table of Contents NOTE 2 – Investments The following table provides amortized cost, gross unrealized gains, gross unrealized losses and fair value for our fixed-maturity and short-term investments: (Dollars in millions) Amortized cost Gross unrealized Fair value At 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. Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 9 Table of Contents The table below provides fair values and gross unrealized losses by investment category and by the duration of the continuous unrealized loss positions: (Dollars in millions) Less than 12 months 12 months or more Total At 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. Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 10 Table of Contents The following table provides investment income and investment gains and losses, net: (Dollars in millions) Three months ended 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. Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 11 Table of Contents NOTE 3 – Fair Value Measurements In accordance with accounting guidance for fair value measurements and disclosures, we categorized our financial instruments, based on the priority of the observable and market-based data for the valuation technique used, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices with readily available independent data in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable market inputs (Level 3). When various inputs for measurement fall within different levels of the fair value hierarchy, the lowest observable input that has a significant impact on fair value measurement is used. Our valuation techniques have not changed from those used at December 31, 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 Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 12 Table of Contents 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 Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 13 Table of Contents The following table shows the fair value of our life policy loans included in other invested assets and the fair values of our deferred annuities and structured settlements included in life policy and investment contract reserves: (Dollars in millions) Level 1 Level 2 Level 3 Total At 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. Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 14 Table of Contents NOTE 4 – Property Casualty Loss and Loss Expenses This table summarizes activity for our consolidated property casualty loss and loss expense reserves: (Dollars in millions) Three months ended 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. Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 15 Table of Contents 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. Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 16 Table of Contents NOTE 5 – Life Policy and Investment Contract Reserves We establish the reserves for traditional life policies including term, whole life and other products based on the present value of future benefits and claim expenses less the present value of future net premiums. Net premium is the portion of gross premium required to pro vide for all benefits and claim expenses. We estimate future benefits and claim expenses and net premium using certain cash flow assumptions including mortality, morbidity and lapse rates as well as a discount rate assumption. The cash flow assumptions are established based on our current expectations and are reviewed annually, typically in the second quarter, to determine any necessary updates. These assumptions are also updated on an interim basis if evidence suggests that they should be revised. We use both our own experience and industry experience, adjusted for historical trends, in arriving at our cash flow assumptions. The discount rate assumption is based on upper-medium grade fixed-income instrument yields (market value discount rates) and is updated quarterly. Changes in the inputs, judgments and assumptions during the period and the related measurement impact on the liability are reflected in the below tables. We establish reserves for our universal life, deferred annuity and other investment contracts equal to the cumulative account balances, which include premium deposits plus credited interest less charges and withdrawals. Some of our universal life policies contain no-lapse guarantee provisions. For these policies, we establish a reserve in addition to the account balance, based on expected no-lapse guarantee benefits and expected policy assessments. The following table summarizes our life policy and investment contract reserves and provides a reconciliation of the balances described in the below tables to those in the condensed consolidated balance sheets: (Dollars in millions) 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: Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 17 Table of Contents (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 Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 18 Table of Contents (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. Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 19 Table of Contents The following table shows the amount of undiscounted and discounted expected future benefit payments and expected gross premiums for our term and whole life policies: (Dollars in millions) At 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. Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 20 Table of Contents The following table shows the balances and changes in policyholders' account balances included in investment contract reserves: (Dollars in millions) Three months ended 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 Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 21 Table of Contents The following table shows the balances and changes in the other additional liability related to the no-lapse guarantees contained within our universal life contracts: (Dollars in millions) Three months ended 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 Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 22 Table of Contents NOTE 6 – Deferred Policy Acquisition Costs Expenses directly related to successfully acquired insurance policies – primarily commissions, premium taxes and underwriting costs – are deferred and amortized over the terms of the policies. We update our acquisition cost assumptions periodically to reflect actual experience. For property casualty, we evaluate the costs for recoverability. No premium deficiencies were recorded in the condensed consolidated statements of income, as the sum of the anticipated loss and loss expenses, policyholder dividends and unamortized deferred acquisition expenses did not exceed the related unearned premiums and anticipated investment income. The table below shows the deferred policy acquisition costs and asset reconciliation. (Dollars in millions) Three months ended 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 Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 23 Table of Contents The table below shows the life deferred policy acquisition costs asset by product: (Dollars in millions) Three months ended 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 Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 24 Table of Contents NOTE 7 – Accumulated Other Comprehensive Income Accumulated other comprehensive income (AOCI) includes changes in unrealized gains and losses on investments, changes in pension obligations and changes in life policy reserves, reinsurance recoverable and other as follows: (Dollars in millions) Three months ended 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 ) Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 25 Table of Contents (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. Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 26 Table of Contents NOTE 8 – Reinsurance Primary components of our property casualty reinsurance assumed operations include involuntary and voluntary assumed as well as contracts from our reinsurance assumed operations, known as Cincinnati Re. Primary components of our ceded reinsurance include a property per risk treaty, property excess treaty, casualty per occurrence treaty, casualty excess treaty, property catastrophe 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 Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 27 Table of Contents Our life insurance company purchases reinsurance for protection of a portion of the risks that are written. Primary components of our life reinsurance program include individual mortality coverage 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. Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 28 Table of Contents NOTE 9 – Income Taxes The differences between the 21 % statutory federal income tax rate and our effective income tax rate were as follows: (Dollars in millions) Three months ended 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. Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 29 Table of Contents NOTE 10 – Net Income Per Common Share Basic earnings per share are computed based on the weighted average number of common shares outstanding. Diluted earnings per share are computed based on the weighted average number of common and dilutive potential common shares outstanding using the treasury stock method. The table shows calculations for basic and diluted earnings per share: (In millions, except per share data) Three months ended 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. Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 30 Table of Contents NOTE 12 – Commitments and Contingent Liabilities The company, through its insurance subsidiaries, is involved in claims litigation arising in the ordinary course of conducting its business, both as a liability insurer defending third-party claims brought against insureds and as an insurer defending against coverage claims. The company accounts for such activity through the establishment of unpaid loss and loss expense reserves. Subject to the uncertainties discussed in Note 4, Property Casualty Loss and Loss Expenses, and in the discussion in the balance of this Note, we believe that the ultimate liability, if any, with respect to such ordinary-course claims litigation, after consideration of provisions made for potential losses, costs of defense, and reinsurance recoveries, is immaterial to our consolidated financial position, results of operations and cash flows. The company and its subsidiaries also are occasionally involved in other legal and regulatory proceedings, some of which assert claims for substantial amounts. These actions include, among others, putative class actions seeking certification of state or national classes. The company’s insurance subsidiaries also are occasionally parties to individual actions in which extra-contractual damages, punitive damages or penalties are sought, such as claims alleging bad faith handling of insurance claims or writing unauthorized coverage or claims alleging discrimination by former or current associates. On a quarterly basis, we review these outstanding matters. Under current accounting guidance, we establish accruals when it is probable that a covered loss has been incurred and we can reasonably estimate its potential exposure. The company accounts for such probable and estimable losses, if any, through the establishment of legal expense reserves. Based on our quarterly review, we believe that our accruals for probable and estimable losses are reasonable and that the amounts accrued do not have a material effect on our consolidated financial position, results of operations and cash flows. However, if any one or more of these matters results in a judgment against us or settlement for an amount that is significantly greater than the amount accrued, the resulting liability could have a material effect on the company’s consolidated financial position, results of operations and cash flows. Based on our most recent review, our estimate for any other matters for which the risk of loss is not probable, but more than remote, is immaterial. NOTE 13 – Segment Information We operate primarily in two industries, property casualty insurance and life insurance. Our chief operating decision maker (CODM) is the chief executive officer who regularly reviews our reporting segments to make decisions about allocating resources and assessing performance. Our 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. Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 31 Table of Contents 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 Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 32 Table of Contents 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 Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 33 Table of Contents • Domestic and global events, such as the wars in Ukraine and in the Middle East, future pandemics, inflationary trends, changes in U.S. trade and tariff policy, and disruptions in the banking and financial services industry, resulting in insurance losses, capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to: ◦ Securities market disruption or volatility and related effects such as decreased economic activity and continued supply chain disruptions that affect our investment portfolio and book value ◦ Significant or prolonged decline in the fair value of securities and impairment of the assets ◦ Significant decline in investment income due to reduced or eliminated dividend payouts from securities ◦ Significant rise in losses from surety or director and officer policies written for financial institutions or other insured entities or in losses from policies written by Cincinnati Re or Cincinnati Global ◦ An unusually high level of claims in our insurance or reinsurance operations that increase litigation-related expenses ◦ Decreased premium revenue and cash flow from disruption to our distribution channel of independent agents, consumer self-isolation, travel limitations, business restrictions and decreased economic activity ◦ The inability of our workforce, agencies, or vendors to perform necessary business functions Financial, Economic, and Investment Risks • Declines in overall stock market values negatively affecting our equity portfolio and book value • Downgrades in our financial strength ratings • Interest rate fluctuations or other factors that could significantly affect: ◦ Our ability to generate growth in investment income ◦ Values of our fixed-maturity investments and accounts in which we hold bank-owned life insurance contract assets ◦ Our traditional life policy reserves • Economic volatility and illiquidity associated with our alternative investments in private equity, private credit, real property, and limited partnerships • Failure to comply with covenants and other requirements under our credit facilities, senior debt, and other debt obligations • Recession, prolonged elevated inflation, or other economic conditions resulting in lower demand for insurance products or increased payment delinquencies • The inability of our subsidiaries to pay dividends consistent with current or past levels impacting our ability to pay shareholder dividends or repurchase shares General Business, Technology, and Operational Risks • Ineffective information technology systems or failing to develop and implement improvements in technology • Difficulties with technology or data security breaches, including cyberattacks, could negatively affect our, or our agents’, ability to conduct business; disrupt our relationships with agents, policyholders, and others; cause reputational damage, mitigation expenses, data loss, and expose us to liability • Difficulties with our operations and technology that may negatively impact our ability to conduct business, including cloud-based data information storage, data security, remote working capabilities, and/or outsourcing relationships and third-party operations and data security • Disruption of the insurance market caused by technology innovations - such as driverless cars - that could decrease consumer demand for insurance products • Delays, inadequate data developed internally or from third parties, or performance inadequacies from ongoing development and implementation of underwriting and pricing models and methods, including usage-based insurance methods, automation, artificial intelligence, or technology projects and enhancements expected to increase our efficiency, pricing accuracy, underwriting profit, and competitiveness Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 34 Table of Contents • Intense competition, and the impact of innovation, emerging technologies, artificial intelligence and changing customer preferences on the insurance industry and the markets in which we operate, could harm our ability to maintain or increase our business volumes and profitability • Inability to defer policy acquisition costs for any business segment if pricing and loss trends would lead management to conclude that the segment could not achieve sustainable profitability • Unforeseen departure of certain executive officers or other key employees that could interrupt progress toward important strategic goals or diminish the effectiveness of certain longstanding relationships with insurance agents and others • Our inability, or the inability of our independent agents, to attract and retain personnel • Events, such as a pandemic, an epidemic, natural catastrophe, or terrorism, which could hamper our ability to assemble our workforce, work effectively in a remote environment, or other failures of business continuity or disaster recovery programs Regulatory, Compliance, and Legal Risks • Actions of insurance departments, state attorneys general or other regulatory agencies, including a change to a federal system of regulation from a state-based system, that: ◦ Impose new obligations on us that increase our expenses or change the assumptions underlying our critical accounting estimates ◦ Place the insurance industry under greater regulatory scrutiny or result in new statutes, rules, and regulations ◦ Restrict our ability to exit or reduce writings of unprofitable coverages or lines of business ◦ Increase assessments for guaranty funds, other insurance‑related assessments, or mandatory reinsurance arrangements; or that impair our ability to recover such assessments through future surcharges or other rate changes ◦ Increase our provision for federal income taxes due to changes in tax laws, regulations, or interpretations ◦ Increase other expenses ◦ Limit our ability to set fair, adequate, and reasonable rates ◦ Restrict our ability to cancel policies ◦ Impose new underwriting standards ◦ Place us at a disadvantage in the marketplace ◦ Restrict our ability to execute our business model, including the way we compensate agents • Adverse outcomes from litigation, environmental claims, mass torts or administrative proceedings, including effects of social inflation and third-party litigation funding on the size and frequency of litigation awards • Events or actions, including unauthorized intentional circumvention of controls, which reduce our future ability to maintain effective internal control over financial reporting under the Sarbanes-Oxley Act of 2002 • Effects of changing social, global, economic, and regulatory environments • Additional measures affecting corporate financial reporting and governance that can affect the market value of our common stock Risks and uncertainties are further discussed in other filings with the Securities and Exchange Commission, including our 2025 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 30. Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 35 Table of Contents CORPORATE FINANCIAL HIGHLIGHTS Net Income and Comprehensive Income Data (Dollars in millions, except per share data) Three months ended 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. Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 36 Table of Contents 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 % Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 37 Table of Contents (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. Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 38 Table of Contents Financial Strength An important part of our long-term strategy is financial strength, which is described in our 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 Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 39 Table of Contents CONSOLIDATED PROPERTY CASUALTY INSURANCE HIGHLIGHTS Consolidated property casualty insurance results include premiums and expenses for our standard market insurance segments (commercial lines and personal lines), our excess and surplus lines segment, Cincinnati Re ® and our London-based global specialty underwriter Cincinnati Global Underwriting Ltd. SM (Cincinnati Global). (Dollars in millions) Three months ended 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. Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 40 Table of Contents 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. Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 41 Table of Contents 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. Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 42 Table of Contents The following table shows consolidated property casualty insurance catastrophe losses and loss expenses incurred, net of reinsurance, as well as the effect of loss development on prior period catastrophe events. We individually list declared catastrophe events for which our incurred losses reached or exceeded $25 million. Consolidated Property Casualty Insurance Catastrophe Losses and Loss Expenses Incurred (Dollars in millions, net of reinsurance) Three months ended 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 Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 43 Table of Contents The following table includes data for losses incurred of $2 million or more per claim, net of reinsurance. Consolidated Property Casualty Insurance Losses Incurred by Size (Dollars in millions, net of reinsurance) Three months ended 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 Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 44 Table of Contents 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. Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 45 Table of Contents Our average overall commercial lines renewal pricing change includes the impact of flat pricing for certain coverages within package policies written for a three-year term that were in force but did not expire during the period being measured. Therefore, our reported change in average commercial lines renewal pricing reflects a blend of three-year policies that did not expire and other policies that did expire during the measurement period. For commercial lines policies that did expire and were then renewed during the 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 Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 46 Table of Contents 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 Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 47 Table of Contents We continue to monitor new losses and case reserve increases greater than $2 million for trends in factors such as initial reserve levels, loss cost inflation and claim settlement expenses. Our analysis continues to indicate no unexpected concentration of these large losses and case reserve increases by risk category, geographic region, policy inception, agency or field marketing territory. The 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 Cincinnati Financial Corporation Second-Quarter 2026 10-Q Page 48 Table of Contents 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