cinf-20260331

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark one)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended March 31, 2026.

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from _____________________ to _____________________.

Commission file number 0-4604

CINCINNATI FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Ohio

31-0746871

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer Identification No.)

6200 S. Gilmore Road,

Fairfield,

Ohio

45014-5141

(Address of principal executive offices)

(Zip code)

Registrant's telephone number, including area code: (513) 870-2000

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock

CINF

Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☑Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☑Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a nonaccelerated filer, a smaller reporting company or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

☑ Large accelerated filer ☐ Accelerated filer ☐ Nonaccelerated filer ☐ Smaller reporting company

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):

☐Yes ☑ No

As of April 22, 2026, there were 154,686,742 shares of common stock outstanding.

Table of Contents

CINCINNATI FINANCIAL CORPORATION AND SUBSIDIARIES

FORM 10-Q FOR THE QUARTER ENDED March 31, 2026

TABLE OF CONTENTS


Part I – Financial Information			3

Item 1. Financial Statements (unaudited)			3

Condensed Consolidated Balance Sheets			3

Condensed Consolidated Statements of Income			4

Condensed Consolidated Statements of Comprehensive Income			5

Condensed Consolidated Statements of Shareholders’ Equity			6

Condensed Consolidated Statements of Cash Flows			7

Notes to Condensed Consolidated Financial Statements (unaudited)			8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			29

Safe Harbor Statement			29

Corporate Financial Highlights			32

Financial Results			40

Liquidity and Capital Resources			55

Other Matters			59

Item 3. Quantitative and Qualitative Disclosures about Market Risk			59

Item 4. Controls and Procedures			66

Part II – Other Information			67

Item 1. Legal Proceedings			67

Item 1A. Risk Factors			67

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

Item 5. Other Information			69

Item 6. Exhibits			70

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 2

Table of Contents

Part I – Financial Information

Item 1. Financial Statements (unaudited)

Cincinnati Financial Corporation and Subsidiaries

Condensed Consolidated Balance Sheets


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

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

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

Commitments and contingent liabilities (Note 12)

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

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

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 3

Table of Contents

Cincinnati Financial Corporation and Subsidiaries

Condensed Consolidated Statements of Income


(Dollars in millions, except per share data)	Three months ended March 31,
		2026		2025
Revenues
Earned premiums		$	2,604	$	2,344
Investment income, net of expenses		318		280
Investment gains and losses, net		(70)		(67)
Fee revenues		5		5
Other revenues		6		4
Total revenues		2,863		2,566
Benefits and Expenses
Insurance losses and contract holders' benefits		1,751		1,968
Underwriting, acquisition and insurance expenses		764		702
Interest expense		13		13
Other operating expenses		9		11
Total benefits and expenses		2,537		2,694
Income (Loss) Before Income Taxes		326		(128)
Provision (Benefit) for Income Taxes
Current		134		(42)
Deferred		(82)		4
Total provision (benefit) for income taxes		52		(38)
Net Income (Loss)		$	274	$	(90)
Per Common Share
Net income (loss) — basic		$	1.77	$	(0.57)
Net income (loss) — diluted		1.75		(0.57)

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

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

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

Cincinnati Financial Corporation First-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 March 31,
		2026		2025
Common Stock
Beginning of period		$	397	$	397
Share-based awards		—		—
End of period		397		397

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

Retained Earnings
Beginning of period		16,719		14,869


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

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


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

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

End of period		(2,907)		(2,563)

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

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


End of period		154.6		156.3

Dividends declared per common share		$	0.94	$	0.87

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

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 6

Table of Contents

Cincinnati Financial Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows


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

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

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

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

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

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

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

Income taxes paid	4		2
Noncash Activities

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

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

Cincinnati Financial Corporation First-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 March 31, 2026, condensed consolidated financial statements are unaudited. We believe that we have made all adjustments, consisting only of normal recurring accruals, that are necessary for fair presentation. These condensed consolidated financial statements should be read in conjunction with our consolidated financial statements included in our 2025 Annual Report on Form 10-K. The results of operations for interim periods do not necessarily indicate results to be expected for the full year.

Pending Accounting Updates

ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

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

ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software

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

Cincinnati Financial Corporation First-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 March 31, 2026			gains		losses
Fixed-maturity:
Corporate	$	10,209	$	100	$	274	$	10,035
States, municipalities and political subdivisions	5,073		22		221		4,874
Government-sponsored enterprises	2,535		1		25		2,511
Asset-backed	769		7		10		766
United States government	332		1		2		331
Foreign government	28		—		—		28

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




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

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




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

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

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







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

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

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


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

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

Cincinnati Financial Corporation First-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 March 31,
		2026		2025
Investment income:
Interest		$	235	$	210
Dividends		76		67
Other		12		7
Total		323		284
Less investment expenses		5		4
Total		$	318	$	280

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

Subtotal		—		(2)

Other		1		7

Total		$	(70)	$	(67)

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

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

There were 3,356 and 2,597 fixed-maturity investments in a total unrealized loss position of $532 million and $397 million at March 31, 2026, and December 31, 2025, respectively. Of those totals, 17 and 13 fixed-maturity securities had fair values below 70% of amortized cost at March 31, 2026, and December 31, 2025, respectively.

Cincinnati Financial Corporation First-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 March 31, 2026, and December 31, 2025. We do not have any liabilities carried at fair value.


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


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

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

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

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 12

Table of Contents

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

Fair Value Disclosures for Assets and Liabilities Not Carried at Fair Value

The disclosures below are presented to provide information about the effects of current market conditions on financial instruments that are not reported at fair value in our condensed consolidated financial statements.

This table summarizes the book value and principal amounts of our long-term debt:


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

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


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

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

Cincinnati Financial Corporation First-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 March 31, 2026
Life policy loans	$	—	$	—	$	43	$	43

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

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

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

Outstanding principal and interest for these life policy loans totaled $39 million and $38 million at March 31, 2026, and December 31, 2025, respectively.

Recorded reserves for the deferred annuities were $546 million and $554 million at March 31, 2026, and December 31, 2025, respectively. Recorded reserves for the structured settlements were $110 million and $111 million at March 31, 2026, and December 31, 2025, respectively.

Cincinnati Financial Corporation First-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 March 31,
		2026		2025
Gross loss and loss expense reserves, beginning of period		$	11,450	$	9,937
Less reinsurance recoverable		438		269
Net loss and loss expense reserves, beginning of period		11,012		9,668





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

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

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

We experienced $91 million of favorable development on prior accident years, including $43 million of favorable development in commercial lines, $19 million of favorable development in personal lines and $9 million of favorable development in excess and surplus lines for the three months ended March 31, 2025. Within commercial lines, we recognized favorable reserve development of $35 million for the commercial property line and $11 million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. Within personal lines, we recognized favorable reserve development of $19 million for the homeowner line.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 15

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 provide for all benefits and claim expenses. We estimate future benefits and claim expenses and net premium using certain cash flow assumptions including mortality, morbidity and lapse rates as well as a discount rate assumption. The cash flow assumptions are established based on our current expectations and are reviewed annually, typically in the second quarter, to determine any necessary updates. These assumptions are also updated on an interim basis if evidence suggests that they should be revised. We use both our own experience and industry experience, adjusted for historical trends, in arriving at our cash flow assumptions. The discount rate assumption is based on upper-medium grade fixed-income instrument yields (market value discount rates) and is updated quarterly. Changes in the inputs, judgments and assumptions during the period and the related measurement impact on the liability are reflected in the below tables.

We establish reserves for our universal life, deferred annuity and other investment contracts equal to the cumulative account balances, which include premium deposits plus credited interest less charges and withdrawals. Some of our universal life policies contain no-lapse guarantee provisions. For these policies, we establish a reserve in addition to the account balance, based on expected no-lapse guarantee benefits and expected policy assessments.

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


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

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 16

Table of Contents

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


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

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

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

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

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

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 17

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

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


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

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

Total		$	19	$	19

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

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


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

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

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 18

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

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

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

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

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


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

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

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

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

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 19

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 March 31,
		2026		2025
Balance, beginning of period		$	138	$	130

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

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

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

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

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


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

Benefit payments		(1)		(8)




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

Cash surrender value		$	986	$	949

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 20

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

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

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

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

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

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


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

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

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 21

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


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

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

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


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

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


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

Investment gains and losses, net, and other investment gains and losses, net, are recorded in the investment gains and losses, net, line item in the condensed consolidated statements of income. Amortization of pension obligations is recorded in the insurance losses and contract holders' benefits and underwriting, acquisition and insurance expenses line items in the condensed consolidated statements of income.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 22

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 March 31,
		2026		2025
Direct written premiums		$	2,507	$	2,388
Assumed written premiums		281		303
Ceded written premiums		(120)		(196)
Net written premiums		$	2,668	$	2,495

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

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

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 23

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 March 31,
		2026		2025
Direct earned premiums		$	105	$	99

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

Direct contract holders' benefits incurred		$	99	$	94

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

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

The allowance for uncollectible property casualty premiums receivable was $18 million at both March 31, 2026, and December 31, 2025. The allowances for credit losses on other premiums receivable and reinsurance recoverable assets were immaterial at March 31, 2026, and December 31, 2025.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 24

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

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

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

Cincinnati Global

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

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 25

Table of Contents

NOTE 10 – Net Income (Loss) Per Common Share

Basic earnings per share are computed based on the weighted average number of common shares outstanding. Diluted earnings per share are computed based on the weighted average number of common and dilutive potential common shares outstanding using the treasury stock method. The table shows calculations for basic and diluted earnings per share:


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

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

NOTE 11 – Employee Retirement Benefits

The following summarizes the components of net periodic benefit for our qualified and supplemental pension plans:


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

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

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

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

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

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 26

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 income taxes, including its components, and identifiable assets for each of the five segments.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 27

Table of Contents

Segment information is summarized in the following table:


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

Commercial lines insurance





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

Personal lines insurance



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

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

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

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

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

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 28

Table of Contents

Identifiable assets by segment are summarized in the following table:


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

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

Results of Operations

The following discussion highlights significant factors influencing the condensed consolidated results of operations and financial position of Cincinnati Financial Corporation. It should be read in conjunction with the consolidated financial statements and related notes included in our 2025 Annual Report on Form 10-K. Unless otherwise noted, the industry data is prepared by A.M. Best Co., a leading insurance industry statistical, analytical and financial strength rating organization. Information from A.M. Best is presented on a statutory basis for insurance company regulation in the United States of America. When we provide our results on a comparable statutory basis, we label it as such; all other company data is presented in accordance with accounting principles generally accepted in the United States of America (GAAP).

We present per share data on a diluted basis unless otherwise noted, adjusting those amounts for all stock splits and dividends. Dollar amounts are rounded to millions; calculations of percent changes are based on dollar amounts rounded to the nearest million. Certain percentage changes are identified as not meaningful (nm).

SAFE HARBOR STATEMENT

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

Insurance-Related Risks

•Risks and uncertainties associated with our loss reserves or actual claim costs exceeding reserves

•Increased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuance

•Unusually high levels of catastrophe losses due to risk concentrations or changes in weather patterns, environmental events, war or political unrest, terrorism incidents, cyberattacks, civil unrest or other causes; and our ability to manage catastrophe risk

•Risks associated with analytical models in key areas such as underwriting, pricing, capital management, reserving, investments, reinsurance, and catastrophe risk management

•Inadequate estimates or assumptions, or reliance on third-party data used for critical accounting estimates

•Events or conditions that could weaken or harm our relationships with our independent agencies and hamper opportunities to add new agencies, resulting in limitations on our opportunities for growth

•Mergers, acquisitions, and other consolidations of agencies that result in a concentration of a significant amount of premium in one agency or agency group and/or alter our competitive advantages

•Our inability to manage business opportunities, growth prospects, and expenses for our ongoing operations

•Changing consumer insurance-buying habits

•The inability to obtain adequate ceded reinsurance on acceptable terms, for acceptable amounts, and from financially strong reinsurers; and the potential for nonpayment or delay in payment by reinsurers

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 29

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 First-Quarter 2026 10-Q

Page 30

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 First-Quarter 2026 10-Q

Page 31

Table of Contents

CORPORATE FINANCIAL HIGHLIGHTS

Net Income and Comprehensive Income Data


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

Total revenues increased $297 million for the first quarter of 2026, compared with the first quarter of 2025, primarily due to higher earned premiums and investment income. Premium and investment revenue trends are discussed further in the respective sections of Financial Results.

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

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

Performance by segment is discussed below in Financial Results. As discussed in our 2025 Annual Report on Form 10-K, Item 7, Executive Summary, Page 46, there are several reasons why our performance during 2026 may ultimately be below our long-term targets.

The board of directors is committed to rewarding shareholders directly through cash dividends and through share repurchase authorizations. Through 2025, the company had increased the annual cash dividend rate for 65 consecutive years, a record we believe is matched by only seven other U.S. publicly traded companies. In January 2026, the board of directors increased the regular quarterly dividend to 94 cents per share, setting the stage for our 66th consecutive year of increasing cash dividends. During the first three months of 2026, cash dividends declared by the company increased 8% compared with the same period of 2025. Our board regularly evaluates relevant factors in decisions related to dividends and share repurchases. The 2026 dividend increase reflected our strong operating performance and signaled management's and the board's positive outlook and confidence in our outstanding capital, liquidity and financial flexibility.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 32

Table of Contents

Balance Sheet Data and Performance Measures


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

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

Our value creation ratio is our primary performance metric. As shown in the tables below, that ratio was 0.2% for the first three months of 2026, compared with negative 0.5% for the same period in 2025. The increase was primarily due to an increase in net income before investment gains which was partially offset by a reduction in overall net gains from our investment portfolio. Book value per share decreased $0.75 during the first three months of 2026 and contributed negative 0.7 percentage points to the value creation ratio, while dividends declared at $0.94 per share contributed 0.9 points. Value creation ratio major contributors and in total, along with calculations from per-share amounts, are shown in the tables below.


	Three months ended March 31,
		2026		2025
Value creation ratio major contributors:
Net income before investment gains		2.1	%	(0.3)	%
Change in fixed-maturity securities, realized and unrealized gains		(1.1)		0.4
Change in equity securities, investment gains		(0.4)		(0.4)
Other		(0.4)		(0.2)
Value creation ratio		0.2	%	(0.5)	%

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 33

Table of Contents


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

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

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

DRIVERS OF LONG-TERM VALUE CREATION

Operating through The Cincinnati Insurance Company, Cincinnati Financial Corporation is one of the 25 largest property casualty insurers in the nation, based on 2025 net written premiums for more than 2,000 U.S. stock and mutual insurance companies. We market our insurance products through a select group of independent insurance agencies as discussed in our 2025 Annual Report on Form 10-K, Item 1, Our Business and Our Strategy, Page 6. At March 31, 2026, we actively marketed through 2,361 agencies located in 46 states. We maintain a long-term perspective that guides us in addressing immediate challenges or opportunities while focusing on the major decisions that best position our company for success through all market cycles.

To measure our long-term progress in creating shareholder value, our value creation ratio is our primary financial performance target. As discussed in our 2025 Annual Report on Form 10-K, Item 7, Executive Summary, Page 46, management believes this measure is a meaningful indicator of our long-term progress in creating shareholder value and has three primary performance drivers:

•Premium growth – We believe our agency relationships and initiatives can lead to a property casualty written premium growth rate over any five-year period that exceeds the industry average. For the first three months of 2026, our consolidated property casualty net written premium year-over-year growth was 7%. As of February 2026, A.M. Best projected the industry's full-year 2026 written premium growth at approximately 4%. For the five-year period 2021 through 2025, our growth rate exceeded that of the industry. The industry's growth rate excludes its mortgage and financial guaranty lines of business.

•Combined ratio – We believe our underwriting philosophy and initiatives can generate an average GAAP combined ratio over any five-year period that is consistently within the range of 92% to 98%. For the first three months of 2026, our GAAP combined ratio was 95.6%, including 11.3 percentage points of current accident year catastrophe losses partially offset by 3.2 percentage points of favorable loss reserve development on prior accident years. Our statutory combined ratio was 95.6% for the first three months of 2026. As of February 2026, A.M. Best projected the industry's full-year 2026 statutory combined ratio at approximately 97%, including approximately 8 percentage points of catastrophe losses and a favorable effect of approximately 1 percentage point of loss reserve development on prior accident years. The industry's ratio again excludes its mortgage and financial guaranty lines of business.

•Investment contribution – We believe our investment philosophy and initiatives can drive investment income growth and lead to a total return on our equity investment portfolio over a five-year period that exceeds the five-year return of the Standard & Poor's 500 Index. For the first three months of 2026, pretax investment income was $318 million, up 14% compared with the same period in 2025. We believe our investment portfolio mix provides an appropriate balance of income stability and growth with capital appreciation potential.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 34

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 March 31, 2026, we held $5.584 billion of our cash and cash equivalents and invested assets at the parent-company level, of which $4.964 billion, or 88.9%, was invested in common stocks, and $422 million, or 7.6%, was cash or cash equivalents. Our debt-to-total-capital ratio was 4.9% at March 31, 2026. Another important indicator of financial strength is our ratio of property casualty net written premiums to statutory surplus, which was 1.0-to-1 for the 12 months ended March 31, 2026, matching year-end 2025.

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

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

Insurer Financial Strength Ratings

Rating
agency

Standard market property casualty insurance subsidiaries

Life insurance
subsidiary

Excess and surplus lines insurance subsidiary

Outlook

Rating
tier

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

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 First-Quarter 2026 10-Q

Page 35

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

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

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

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

Underwriting results for the first quarter of 2026 included improved current accident year loss experience before catastrophe losses, as price increases have helped to offset elevated losses reflecting economic or other forms of inflation. When estimating the ultimate cost of total loss and loss expenses, we consider many factors, including trends for inflation, historical paid and reported losses, large loss activity and other data or information for the industry or our company. Due to increased uncertainty regarding ultimate losses, we intend to remain prudent in reserving for estimated ultimate losses until longer-term loss cost trends become more clear. We believe future property casualty underwriting results will continue to benefit from price increases and our ongoing initiatives to improve pricing precision and loss experience related to claims and loss control practices.

For all property casualty lines of business in aggregate, net loss and loss expense reserves at March 31, 2026, were $466 million, or 4%, higher than at year-end 2025, including an increase of $419 million for the incurred but not reported (IBNR) portion.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 36

Table of Contents

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

Our consolidated property casualty combined ratio for the first quarter of 2026 decreased by 17.7 percentage points, compared with the same period of 2025, including a decrease of 14.2 points from catastrophe losses and loss expenses. Other combined ratio components that changed are discussed below and in further detail in Financial Results by property casualty insurance segment.

The combined ratio can be affected significantly by natural catastrophe losses and other large losses as discussed in detail below. The combined ratio can also be affected by updated estimates of loss and loss expense reserves established for claims that occurred in prior periods, referred to as prior accident years. Net favorable development on prior accident year reserves, including reserves for catastrophe losses, benefited the combined ratio by 3.2 percentage points in the first three months of 2026, compared with 4.0 percentage points in the same period of 2025. Net favorable development is discussed in further detail in Financial Results by property casualty insurance segment.

The ratio for current accident year loss and loss expenses before catastrophe losses improved in the first three months of 2026. That 58.1% ratio was 2.4 percentage points lower, compared with the 60.5% accident year 2025 ratio measured as of March 31, 2025, including a decrease of 1.0 points in the ratio for large losses of $2 million or more per claim, discussed below. The ratio improvement of 2.4 percentage points included an increase of 0.3 points for the IBNR portion and a decrease of 2.7 points for the case incurred portion. The improvement also reflected a favorable 1.4 points for the effect of $52 million of net reinstatement premiums in first-quarter 2025 related to the January 2025 wildfires in southern California.

The underwriting expense ratio decreased for the first quarter of 2026, compared with the same period a year ago. The decrease was partly due to premium growth outpacing growth in various expenses. The three-month 2026 ratio also included a favorable 0.7 points for the effect of first-quarter 2025 reinstatement premiums. The ratio for both periods also included ongoing expense management efforts.

Consolidated Property Casualty Insurance Premiums


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


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

The trends in net written premiums and earned premiums summarized in the table above include the effects of price increases. Price change trends that heavily influence renewal written premium increases or decreases, along with other premium growth drivers for 2026, are discussed in more detail by segment below in Financial Results.

Consolidated property casualty net written premiums for the three months ended March 31, 2026, grew $173 million compared with the same period of 2025. Our premium growth initiatives from prior years have provided an ongoing favorable effect on growth during the current year, particularly as newer agency relationships mature over time.

Consolidated property casualty agency new business written premiums decreased by $44 million for the first three months of 2026, compared with the same period of 2025, due to the personal lines segment. New agency appointments during 2026 and 2025 produced a $19 million increase in new business for the first three months of 2026 compared with the same period of 2025. As we appoint new agencies that choose to move accounts to us, we report these accounts as new business. While this business is new to us, in many cases it is not new to the

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 37

Table of Contents

agent. We believe these seasoned accounts tend to be priced more accurately than business that may be less familiar to our agent upon obtaining it from a competing agent.

Net written premiums for Cincinnati Re, included in other written premiums, decreased by $1 million to $254 million for the three months ended March 31, 2026, compared with the same period of 2025. The first three months of 2025 included a favorable $12 million of net reinstatement premiums to reinstate treaties affected by the California wildfires. Cincinnati Re assumes risks through reinsurance treaties and in some cases cedes part of the risk and related premiums to one or more unaffiliated reinsurance companies through transactions known as retrocessions.

Cincinnati Global is also included in other written premiums. Net written premiums for Cincinnati Global increased by $23 million to $98 million for the three months ended March 31, 2026, compared with the same period of 2025.

Other written premiums include premiums ceded to reinsurers as part of our reinsurance ceded program. A decrease in ceded premiums increased net written premiums by $76 million for the first three months of 2026, compared with the same period of 2025. Other written premiums for the first quarter of 2025 included a net unfavorable amount of $52 million for reinsurance treaty reinstatement premiums related to the California wildfires, including a favorable $12 million for Cincinnati Re and an unfavorable $64 million for our personal lines insurance segment.

Catastrophe losses and loss expenses typically have a material effect on property casualty results and can vary significantly from period to period. Losses from catastrophes contributed 10.8 percentage points to the combined ratio in the first three months of 2026, compared with 25.0 percentage points in the same period of 2025. During the first quarter of 2026, there were no material changes to our estimates of ultimate losses related to the January 2025 California wildfires.

During 2025 and for the first three months of 2026, there was no recovery from reinsurers related to the reinsurance program for Cincinnati Re only effective June 1, 2025. During the first quarter of 2026 there were no material changes to the estimated reinsurance recoveries related to the January 2025 California wildfires recorded as of December 31, 2025. Reinsurance ceded programs are described in our 2025 Annual Report on Form 10-K, Item 7, Liquidity and Capital Resources, 2026 Reinsurance Ceded Programs, Page 102.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 38

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 March 31,
					Comm.				Pers.				E&S
Dates	Region				lines				lines				lines				Other				Total
2026
Jan. 23-29	Midwest, Northeast, South				$	15			$	29			$	—			$	2			$	46
Mar. 10-12	Midwest, South				10				30				—				—				40
Mar. 13-14	Midwest, Northeast, South				29				34				—				—				63
Mar. 26-27	Midwest				35				3				—				—				38












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

2025

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






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

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 39

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

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

We believe the inherent variability of aggregate loss experience for our portfolio of larger policies is greater than that of our portfolio of smaller policies, and we continue to monitor the variability in addition to general inflationary trends in loss costs. Our analysis continues to indicate no unexpected concentration of large losses and case reserve increases by risk category, geographic region, policy inception, agency or field marketing territory. The first-quarter 2026 property casualty total large losses incurred of $78 million, net of reinsurance, was lower than the $111 million quarterly average during full-year 2025 and the $102 million experienced for the first quarter of 2025. The ratio for these large losses was 1.4 percentage points lower compared with last year's first quarter. We believe results for the three-month period largely reflected normal fluctuations in loss patterns and normal variability in large case reserves for claims above $2 million. Losses by size are discussed in further detail in results of operations by property casualty insurance segment.

FINANCIAL RESULTS

Consolidated results reflect the operating results of each of our five segments along with the parent company, Cincinnati Re, Cincinnati Global and other activities reported as "Other." The five segments are:

•Commercial lines insurance

•Personal lines insurance

•Excess and surplus lines insurance

•Life insurance

•Investments

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 40

Table of Contents

COMMERCIAL LINES INSURANCE RESULTS


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

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

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

Overview

Performance highlights for the commercial lines segment include:

•Premiums – Earned premiums and net written premiums for the commercial lines segment grew during the first three months of 2026, compared with the same period a year ago, primarily due to agency renewal written premium growth that continued to include higher average pricing. The table below analyzes the primary components of premiums. We continue to use predictive analytics tools to improve pricing precision and segmentation while leveraging our local relationships with agents through the efforts of our teams that work closely with them. We seek to maintain appropriate pricing discipline for both new and renewal business as our agents and underwriters assess account quality to make careful decisions on a policy-by-policy basis whether to write or renew a policy.

Agency renewal written premiums increased 3% for the first three months of 2026, compared with the same period of 2025, including price increases. During the first quarter of 2026, our overall standard commercial lines policies averaged estimated renewal price increases at percentages near the high end of the low-single-digit range. We continue to segment commercial lines policies, emphasizing identification and retention of those we believe have relatively stronger pricing. Conversely, we continue to maintain stricter renewal terms and conditions on policies we believe have relatively weaker pricing, thus retaining fewer of those policies. We measure average changes in commercial lines renewal pricing as the percentage rate of change in renewal premium for the new policy period compared with the premium for the expiring policy period, assuming no change in the level of insured exposures or policy coverage between those periods for the respective policies.

Our average overall commercial lines renewal pricing change includes the impact of flat pricing for certain coverages within package policies written for a three-year term that were in force but did not expire during the period being measured. Therefore, our reported change in average commercial lines renewal pricing reflects a blend of three-year policies that did not expire and other policies that did expire during the

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 41

Table of Contents

measurement period. For commercial lines policies that did expire and were then renewed during the first quarter of 2026, we estimate that our average percentage price increases were in the mid-single-digit range for our commercial casualty, commercial property and commercial auto lines of business. The estimated average percentage price change for workers' compensation was a decrease in the mid-single-digit range.

Our commercial lines segment's increase in agency renewal written premiums for the first three months of 2026 also included changes in the level of insured exposures. Part of the insured exposure increase reflects our response to inflation effects that increase the cost of building materials to repair damaged commercial structures.

Renewal premiums for certain policies, primarily our commercial casualty and workers' compensation lines of business, include the results of policy audits that adjust initial premium amounts based on differences between estimated and actual sales or payroll related to a specific policy. Audits completed during the first three months of 2026 contributed $18 million to net written premiums, compared with $23 million for the same period of 2025.

New business written premiums for commercial lines increased $2 million for the first three months of 2026, compared with the same period of 2025, as we continued to carefully underwrite each policy in a highly competitive market. Trend analysis for year-over-year comparisons of individual quarters is more difficult to assess for commercial lines new business written premiums, due to inherent variability. That variability is often driven by larger policies with annual premiums greater than $100,000.

Other written premiums include premiums ceded to reinsurers as part of our reinsurance ceded program. For our commercial lines insurance segment, an increase in ceded premiums decreased net written premiums by approximately $1 million for the first three months of 2026, compared with the same period of 2025.

Commercial Lines Insurance Premiums


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

•Combined ratio – The first-quarter 2026 commercial lines combined ratio increased by 6.7 percentage points, compared with the first quarter of 2025, including an increase of 6.0 points in losses from catastrophes. The first-quarter combined ratio increased by 1.7 points from current accident year loss and loss expenses before catastrophe losses, including an increase of 3.0 points for the IBNR portion and a decrease of 1.3 points for the case incurred portion. Underwriting results also included favorable reserve development on prior accident years, as discussed below. The current accident year ratios were measured as of March 31 of the respective years and included a decrease of 1.4 percentage points for the first three months of 2026 in the ratio for large losses of $2 million or more per claim, discussed below.

Catastrophe losses and loss expenses accounted for 9.6 percentage points of the combined ratio for the first three months of 2026, compared with 3.6 percentage points for the same period a year ago. Through 2025, the 10-year annual average for that catastrophe measure for the commercial lines segment was 5.9 percentage points, and the five-year annual average was 5.3 percentage points.

The net effect of reserve development on prior accident years during the first three months of 2026 was favorable for commercial lines overall by $53 million, compared with $43 million for the same period in 2025. For the first three months of 2026, our commercial property and workers' compensation lines of business were the main contributors to the commercial lines net favorable reserve development. The net favorable reserve development recognized during the first three months of 2026 for our commercial lines insurance segment was mainly for accident years 2025 and 2024 and was primarily due to lower-than-anticipated loss emergence on known claims. Our commercial casualty line of business included $3 million of favorable reserve development on prior accident years for the first three months of 2026 while commercial auto included $2 million of unfavorable reserve development. Reserve estimates are inherently uncertain as described in our 2025 Annual Report on Form 10-K, Item 7, Critical Accounting Estimates, Property Casualty Insurance Loss and Loss Expense Reserves, Page 50.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 42

Table of Contents

The commercial lines underwriting expense ratio increased for the first three months of 2026, compared with the same period a year ago. The increase was largely due to an increase in profit-sharing commissions for agencies. The ratio for both periods also included ongoing expense management efforts.

Commercial Lines Insurance Losses Incurred by Size


(Dollars in millions, net of reinsurance)	Three months ended March 31,
		2026			2025			% Change
Current accident year losses greater than $5 million		$	—		$	7		(100)
Current accident year losses $2 million - $5 million		5			15			(67)
Large loss prior accident year reserve development		35			44			(20)
Total large losses incurred		40			66			(39)
Losses incurred but not reported		94			163			(42)
Other losses excluding catastrophe losses		441			318			39
Catastrophe losses		117			40			193
Total losses incurred		$	692		$	587		18

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

We continue to monitor new losses and case reserve increases greater than $2 million for trends in factors such as initial reserve levels, loss cost inflation and claim settlement expenses. Our analysis continues to indicate no unexpected concentration of these large losses and case reserve increases by risk category, geographic region, policy inception, agency or field marketing territory. The first-quarter 2026 commercial lines total large losses incurred of $40 million, net of reinsurance, was lower than the quarterly average of $74 million during full-year 2025 and the $66 million of total large losses incurred for the first quarter of 2025. The decrease in commercial lines large losses for the first three months of 2026 was primarily due to our commercial casualty line of business. The first-quarter 2026 ratio for commercial lines total large losses was 2.4 percentage points lower than last year's first-quarter ratio. We believe results for the three-month period largely reflected normal fluctuations in loss patterns and normal variability in large case reserves for claims above $2 million.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 43

Table of Contents

PERSONAL LINES INSURANCE RESULTS


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

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

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

Overview

Performance highlights for the personal lines segment include:

•Premiums – Personal lines earned premiums and net written premiums continued to grow during the first three months of 2026, primarily due to agency renewal written premium growth that included higher average pricing. The table below analyzes the primary components of premiums.

Agency renewal written premiums increased 15% for the first three months of 2026, reflecting rate increases in selected states, a higher level of insured exposures and other factors such as changes in policy deductibles or mix of business. Part of the insured exposure increase reflects our response to inflation effects that increase the cost of building materials used to repair damaged homes.

We estimate that premium rates for our personal auto and homeowner lines of business increased at average percentages in the high-single-digit range during the first three months of 2026. For both our personal auto and homeowner lines of business, some individual policies experienced lower or higher rate changes based on each risk's specific characteristics and enhanced pricing precision enabled by predictive models.

Personal lines new business written premiums decreased $51 million or 40% for the first three months of 2026, compared with the same period of 2025. We believe we maintained underwriting and pricing discipline as we continued to carefully underwrite each policy in a highly competitive market.

Other written premiums include premiums ceded to reinsurers as part of our reinsurance ceded program. For our personal lines insurance segment, a decrease in 2026 ceded premiums increased net written premiums by approximately $62 million for the first three months of 2026, compared with the same period of 2025. Ceded premiums for the first three months of 2025 included a net amount of $64 million for reinsurance reinstatement premiums related to the January 2025 wildfires in southern California.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 44

Table of Contents

Personal Lines Insurance Premiums


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

•Combined ratio – Our personal lines combined ratio for the first quarter of 2026 improved by 54.5 percentage points, compared with first-quarter 2025, including a decrease of 41.9 points in losses from catastrophes. The first-quarter 2026 combined ratio improvement also included a decrease of 10.1 percentage points from current accident year loss and loss expenses before catastrophe losses, including a decrease of 4.4 points for the IBNR portion and a decrease of 5.7 points for the case incurred portion. The three-month 2025 current accident year ratio before catastrophe losses included an unfavorable 5.3 points for the effect of reinstatement premiums. The total current accident year ratios before catastrophe losses were measured as of March 31 of the respective years and included a decrease of 0.8 percentage points for the first three months of 2026 in the ratio for large losses of $2 million or more per claim, discussed below.

Catastrophe losses and loss expenses accounted for 16.8 percentage points of the combined ratio for the first three months of 2026, compared with 58.7 points for the same period a year ago. The 10-year annual average catastrophe loss ratio for the personal lines segment through 2025 was 14.0 percentage points, and the five-year annual average was 15.8 percentage points.

In addition to the average rate increases discussed above, we continue to refine our pricing to better match premiums to the risk of loss on individual policies. Improved pricing precision and broad-based rate increases are expected to help position the combined ratio at a profitable level over the long term. In addition, greater geographic diversification is expected to reduce the volatility of homeowner loss ratios attributable to weather-related catastrophe losses over time.

The net effect of reserve development on prior accident years during the first quarter of 2026 was favorable by $7 million, compared with $19 million for the same period of 2025. Our homeowner line of business was the main contributor to the personal lines net favorable reserve development for the first three months of 2026. The net favorable reserve development was primarily due to lower-than-anticipated loss emergence on known claims. Reserve estimates are inherently uncertain as described in our 2025 Annual Report on Form 10-K, Item 7, Critical Accounting Estimates, Property Casualty Insurance Loss and Loss Expense Reserves, Page 50.

The personal lines underwriting expense ratio decreased for the first three months of 2026, compared with the same period a year ago. The decrease was partly due to growth in premiums outpacing growth in various expenses. The three-month 2025 ratio also included an unfavorable 2.5 points for the effect of reinstatement premiums. The ratio for both periods also included ongoing expense management efforts.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 45

Table of Contents

Personal Lines Insurance Losses Incurred by Size


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

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

We continue to monitor new losses and case reserve increases greater than $2 million for trends in factors such as initial reserve levels, loss cost inflation and claim settlement expenses. Our analysis continues to indicate no unexpected concentration of these large losses and case reserve increases by risk category, geographic region, policy inception, agency or field marketing territory. In the first quarter of 2026, the personal lines total large loss ratio, net of reinsurance, was 0.8 percentage points lower than last year's first quarter. The increase in personal lines total large losses incurred for the first three months of 2026 occurred primarily for umbrella coverage in our other personal line of business. We believe results for the three-month period largely reflected normal fluctuations in loss patterns and normal variability in large case reserves for claims above $2 million.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 46

Table of Contents

EXCESS AND SURPLUS LINES INSURANCE RESULTS


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

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

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

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

Overview

Performance highlights for the excess and surplus lines segment include:

•Premiums – Excess and surplus lines earned premiums and net written premiums continued to grow during the first three months of 2026, compared with the same period a year ago, including increases in both agency renewal and new business written premiums. Renewal written premiums rose 7% for the three months ended March 31, 2026, compared with the same period of 2025, largely due to higher renewal pricing. For the first three months of 2026, excess and surplus lines policy renewals experienced estimated average price increases at percentages in the mid-single-digit range. We measure average changes in excess and surplus lines renewal pricing as the percentage rate of change in renewal premium for the new policy period compared with the premium for the expiring policy period, assuming no change in the level of insured exposures or policy coverage between those periods for respective policies.

New business written premiums produced by agencies increased by 9% for the first three months of 2026 compared with the same period of 2025, as we continued to carefully underwrite each policy in a highly competitive market. Some of what we report as new business came from accounts that were not new to our agents. We believe our agents' seasoned accounts tend to be priced more accurately than business that may be less familiar to them.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 47

Table of Contents

Excess and Surplus Lines Insurance Premiums


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

•Combined ratio – The excess and surplus lines combined ratio increased by 1.0 percentage points for the first three months of 2026, compared with the same period of 2025. The increase was primarily due to a lower level of favorable reserve development on prior accident year loss and loss expenses for the three months ended March 31, 2026, compared with the first three months of 2025.

The 64.6% first-quarter 2026 ratio for current accident year loss and loss expenses before catastrophe losses was 1.0 percentage points lower, compared with the 65.6% accident year 2025 ratio measured as of March 31, 2025, including a decrease of 0.4 points for the IBNR portion and a decrease of 0.6 points for the case incurred portion.

Excess and surplus lines net reserve development on prior accident years, as a ratio to earned premiums, was favorable by 4.5% for the first three months of 2026, compared with 5.5% for the same period of 2025. Reserve estimates are inherently uncertain as described in our 2025 Annual Report on Form 10-K, Item 7, Critical Accounting Estimates, Property Casualty Insurance Loss and Loss Expense Reserves, Page 50.

The excess and surplus lines underwriting expense ratio increased for the first three months of 2026 compared with the same period a year ago, primarily due to an increase in commission expenses. The ratio also included ongoing expense management efforts and premium growth.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 48

Table of Contents

Excess and Surplus Lines Insurance Losses Incurred by Size


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

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

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 49

Table of Contents

LIFE INSURANCE RESULTS


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

Overview

Performance highlights for the life insurance segment include:

•Revenues – Revenues increased for the three months ended March 31, 2026, compared with the same period a year ago, driven by higher earned premiums from term life insurance, our largest life insurance product line.

Net in-force life insurance policy face amounts increased 1% to $88.080 billion at March 31, 2026, from $87.311 billion at year-end 2025.

Fixed annuity deposits received for the three months ended March 31, 2026, were $7 million, compared with $4 million for the same period of 2025. Fixed annuity deposits have a minimal impact on earned premiums because deposits received are initially recorded as liabilities. Profit is earned over time by way of interest rate spreads. We do not write variable or equity-indexed annuities.

Life Insurance Premiums


(Dollars in millions)	Three months ended March 31,
		2026		2025		% Change
Term life insurance		$	61	$	57	7
Whole life insurance		14		13		8
Universal life and other		10		10		0
Earned premiums		$	85	$	80	6

•Profitability – Our life insurance segment typically reports a smaller profit compared with the life insurance subsidiary because profits from investment income spreads are included in our investments segment results. We include only investment income credited to contract holders (including interest assumed in life insurance policy reserve calculations) in our life insurance segment results. A profit of $11 million for our life insurance segment in the first three months of 2026, compared with a profit of $9 million for the same period of 2025, was primarily due to increased earned premiums.

Life insurance segment benefits and expenses consist principally of contract holders' (policyholders') benefits incurred related to traditional life and interest-sensitive products and operating expenses incurred, net of deferred acquisition costs. Total benefits increased in the first three months of 2026 primarily due to continued growth of in-force policy face amounts and less favorable impacts from the unlocking of interest rate and other actuarial assumptions.

Underwriting expenses for the first three months of 2026 matched the same period a year ago.

We recognize that assets under management, capital appreciation and investment income are integral to evaluating the success of the life insurance segment because of the long duration of life products. On a basis that includes investment income and investment gains or losses from life-insurance-related

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 50

Table of Contents

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

INVESTMENTS RESULTS

Overview

The investments segment contributes investment income and investment gains and losses to results of operations. Investments traditionally are our primary source of pretax and after-tax profits.

Investment Income

Pretax investment income grew 14% for the first three months of 2026, compared with the same period of 2025. Interest income increased by $25 million for the first quarter, as net purchases of fixed-maturity securities in recent quarters and higher bond yields are working to generally offset effects of the low interest rates on maturing bonds purchased for several years prior to 2022. Dividend income increased by $9 million for the three months ended March 31, 2026. The increase for the first three months of 2026 was primarily due to a $6 million special dividend from one of our holdings in addition to dividend payouts that have generally been increasing slightly in recent quarters.

Investments Results


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

We continue to consider the low interest rate environment that prevailed for several years prior to 2022 as well as the potential for a continuation of both elevated inflation and higher bond yields as we position our portfolio. As bonds in our generally laddered portfolio mature or are called over the near term, we will reinvest with a balanced approach, keeping in mind our long-term strategy and pursuing attractive risk-adjusted after-tax yields. The table below shows the average pretax yield-to-amortized cost associated with expected principal redemptions for our fixed-maturity portfolio. The expected principal redemptions are based on par amounts and include dated maturities, calls and prefunded municipal bonds that we expect will be called during each respective time period.


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

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 51

Table of Contents

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


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

While our bond portfolio more than covers our insurance reserve liabilities, we believe our diversified common stock portfolio of mainly blue chip, dividend-paying companies represents one of our best investment opportunities for the long term. We discussed our portfolio strategies in our 2025 Annual Report on Form 10-K, Item 1, Investments Segment, Page 21, and Item 7, Investments Outlook, Page 86. We discuss risks related to our investment income and our fixed-maturity and equity investment portfolios in this quarterly report Item 3, Quantitative and Qualitative Disclosures About Market Risk.

The table below provides details about investment income. Average yields in this table are based on the average invested asset and cash amounts indicated in the table, using fixed-maturity securities valued at amortized cost and all other securities at fair value.


(Dollars in millions)	Three months ended March 31,
		2026			2025			% Change
Investment income:
Interest		$	235		$	210		12
Dividends		76			67			13
Other		12			7			71
Less investment expenses		5			4			25
Investment income, pretax		318			280			14
Less income taxes		55			48			15
Total investment income, after-tax		$	263		$	232		13

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

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

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 52

Table of Contents

Total Investment Gains and Losses

Investment gains and losses are recognized on the sale of investments, for certain changes in fair values of securities even though we continue to hold the securities or as otherwise required by GAAP. The change in fair value for equity securities still held is included in investment gains and losses and also in net income. The change in unrealized gains or losses for fixed-maturity securities is included as a component of other comprehensive income (OCI). Accounting requirements for the allowance for credit losses for the fixed-maturity portfolio are disclosed in our 2025 Annual Report on Form 10-K, Item 8, Note 1, Summary of Significant Accounting Policies, Page 124.

The table below summarizes total investment gains and losses, before taxes.


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



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

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

Change in unrealized investment gains and losses:

Fixed maturities		(220)		67

Total		$	(290)	$	—

Of the 5,442 fixed-maturity and short-term securities in the portfolio, 17 securities were trading below 70% of amortized cost at March 31, 2026. Our asset impairment committee regularly monitors the portfolio, including a quarterly review of the entire portfolio for potential credit losses. We believe that if liquidity in the markets were to significantly deteriorate or economic conditions were to significantly weaken, we could experience declines in portfolio values and possibly increases in the allowance for credit losses or write-downs to fair value.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 53

Table of Contents

OTHER

We report as Other the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company. We also report as Other the underwriting results of Cincinnati Re and Cincinnati Global, including earned premiums, loss and loss expenses and underwriting expenses in the table below.

Total revenues for the first three months of 2026 for our Other operations increased slightly, compared with the same period of 2025. Cincinnati Re had $152 million of earned premiums for the first three months of 2026 and generated an underwriting profit of $31 million. Cincinnati Global had $73 million of earned premiums for the first three months of 2026 and generated an underwriting profit of $15 million. Total expenses for Other decreased for the first three months of 2026, primarily due to lower loss and loss expenses from Cincinnati Re and Cincinnati Global.

Other income (loss) in the table below represents profit before income taxes. For the first three months of 2026, total other income was driven by underwriting profit from Cincinnati Re and Cincinnati Global. For the first three months of 2025, total other loss resulted from an underwriting loss from Cincinnati Re and interest expense from debt of the parent company.


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

TAXES

We had $52 million of income tax expense for the three months ended March 31, 2026, compared with $38 million of income tax benefit for the same period of 2025. The effective tax rate for the three months ended March 31, 2026, was 16.0% compared with 29.7% for the same period last year. The change in our effective tax rate between periods was primarily due to changes in underwriting income, changes in our net investment gains and losses and investment income.

Historically, we have pursued a strategy of investing some portion of cash flow in tax-advantaged, fixed-maturity and equity securities to minimize our overall tax liability and maximize after-tax earnings. See Tax-Exempt Fixed Maturities in this quarterly report Item 3, Quantitative and Qualitative Disclosures About Market Risk for further discussion on municipal bond purchases in our fixed-maturity investment portfolio. For tax years after 2017, for our property casualty insurance subsidiaries, approximately 75% of interest from tax-advantaged, fixed-maturity investments and approximately 40% of dividends from qualified equities are exempt from federal tax after applying proration. For our noninsurance companies, the dividend received deduction exempts 50% of dividends from qualified equities. Our life insurance company does not own tax-advantaged, fixed-maturity investments or equities subject to the dividend received deduction. Details about our effective tax rate are in this quarterly report Item 1, Note 9, Income Taxes.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 54

Table of Contents

LIQUIDITY AND CAPITAL RESOURCES

At March 31, 2026, shareholders' equity was $15.714 billion, compared with $15.911 billion at December 31, 2025. Total debt was $816 million at March 31, 2026, relatively unchanged from $815 million at December 31, 2025. At March 31, 2026, cash and cash equivalents totaled $1.210 billion, compared with $1.431 billion at December 31, 2025.

In addition to our historically positive operating cash flow to meet the needs of operations, we have the ability to slow investing activities or sell a portion of our high-quality, liquid investment portfolio if such need arises. We also have additional capacity to borrow on our revolving short-term line of credit, as described further below.

SOURCES OF LIQUIDITY

Subsidiary Dividends

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

Investing Activities

Investment income is a source of liquidity for both the parent company and its insurance subsidiaries. We continue to focus on portfolio strategies to balance near-term income generation and long-term book value growth.

Parent company obligations can be funded with income on investments held at the parent-company level or through sales of securities in that portfolio, although our investment philosophy seeks to compound cash flows over the long term. These sources of capital can help minimize subsidiary dividends to the parent company, protecting insurance subsidiary capital.

For a discussion of our historic investment strategy, portfolio allocation and quality, see our 2025 Annual Report on Form 10-K, Item 1, Investments Segment, Page 21.

Insurance Underwriting

Our property casualty and life insurance underwriting operations provide liquidity because we generally receive premiums before paying losses under the policies purchased with those premiums. After satisfying our cash requirements, we invest excess cash flows, increasing future investment income.

Historically, cash receipts from property casualty and life insurance premiums, along with investment income, have been more than sufficient to pay claims, operating expenses and dividends to the parent company.

The table below shows a summary of the operating cash flow for property casualty insurance (direct method):


(Dollars in millions)	Three months ended March 31,
		2026		2025		% Change
Premiums collected		$	2,481	$	2,277	9
Loss and loss expenses paid		(1,201)		(1,399)		14
Commissions and other underwriting expenses paid		(972)		(924)		(5)
Cash flow from underwriting		308		(46)		nm
Investment income received		229		206		11
Cash flow from operations		$	537	$	160	236

Collected premiums for property casualty insurance rose $204 million during the first three months of 2026, compared with the same period in 2025. Loss and loss expenses paid for the 2026 period decreased $198 million. Commissions and other underwriting expenses paid increased $48 million.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 55

Table of Contents

We discuss our future obligations for claims payments and for underwriting expenses in our 2025 Annual Report on Form 10-K, Item 7, Obligations, Page 92.

Capital Resources

At March 31, 2026, our debt-to-total-capital ratio was 4.9%, considerably below our 35% covenant threshold, with $791 million in long-term debt and $25 million in borrowing on our revolving short-term line of credit. At March 31, 2026, $375 million was available for future cash management needs as part of the general provisions of the line of credit agreement. The line of credit also includes a $400 million accordion feature, a $400 million sublimit for letters of credit, and a $75 million sublimit for swing line loans. Based on our capital requirements at March 31, 2026, we do not anticipate a material increase in debt levels exceeding the available line of credit amount during the year. As a result, we expect changes in our debt-to-total-capital ratio to continue to be largely a function of the contribution of unrealized investment gains or losses to shareholders' equity. We held common equities with a fair value of $228 million, in Lloyd's trust accounts to provide a portion of the capital needed to support Cincinnati Global's operations at March 31, 2026.

We provide details of our three long-term notes in this quarterly report Item 1, Note 3, Fair Value Measurements. None of the notes are encumbered by rating triggers.

Four independent ratings firms award insurer financial strength ratings to our property casualty insurance companies and three firms rate our life insurance company. Those firms made no changes to our parent company debt ratings during the first three months of 2026. Our debt ratings are discussed in our 2025 Annual Report on Form 10-K, Item 7, Liquidity and Capital Resources, Long-Term Debt, Page 91.

Off-Balance Sheet Arrangements

We do not use any special-purpose financing vehicles or have any undisclosed off-balance sheet arrangements (as that term is defined in applicable SEC rules) that are reasonably likely to have a current or future material effect on the company's financial condition, results of operation, liquidity, capital expenditures or capital resources. Similarly, the company holds no fair-value contracts for which a lack of marketplace quotations would necessitate the use of fair-value techniques.

USES OF LIQUIDITY

Our parent company and insurance subsidiary have contractual obligations and other commitments. In addition, one of our primary uses of cash is to enhance shareholder return.

Contractual Obligations

We estimated our future contractual obligations as of December 31, 2025, in our 2025 Annual Report on Form 10-K, Item 7, Contractual Obligations, Page 92. There have been no material changes to our estimates of future contractual obligations since our 2025 Annual Report on Form 10-K.

Other Commitments

In addition to our contractual obligations, we have other property casualty operational commitments:

•Commissions – Commissions paid were $710 million in the first three months of 2026. Commission payments generally track with written premiums, except for annual profit-sharing commissions typically paid during the first quarter of the year.

•Other underwriting expenses – Many of our underwriting expenses are not contractual obligations, but reflect the ongoing expenses of our business. Noncommission underwriting expenses paid were $262 million in the first three months of 2026.

There were no contributions to our qualified pension plan during the first three months of 2026.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 56

Table of Contents

Investing Activities

After fulfilling operating requirements, we invest cash flows from underwriting, investment and other corporate activities in fixed-maturity and equity securities on an ongoing basis to help achieve our portfolio objectives. We discuss our investment strategy and certain portfolio attributes in this quarterly report Item 3, Quantitative and Qualitative Disclosures About Market Risk.

Uses of Capital

Uses of cash to enhance shareholder return include dividends to shareholders and shares acquired under our repurchase program. In January 2026, the board of directors declared regular quarterly cash dividends of 94 cents per share for an indicated annual rate of $3.76 per share. During the first three months of 2026, we used $133 million to pay cash dividends to shareholders.

PROPERTY CASUALTY INSURANCE LOSS AND LOSS EXPENSE RESERVES

For the business lines in the commercial and personal lines insurance segments, and in total for the excess and surplus lines insurance segment and other property casualty insurance operations, the following table details gross reserves among case, IBNR (incurred but not reported) and loss expense reserves, net of salvage and subrogation reserves. Reserving practices are discussed in our 2025 Annual Report on Form 10-K, Item 7, Property Casualty Loss and Loss Expense Obligations and Reserves, Page 93.

Total gross reserves at March 31, 2026, increased $434 million compared with December 31, 2025. Case loss reserves increased by $24 million, IBNR loss reserves increased by $336 million and loss expense reserves increased by $74 million. The total gross increase was primarily due to our commercial casualty, commercial property, personal auto and homeowner lines of business and excess and surplus lines insurance segment.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 57

Table of Contents

Property Casualty Gross Reserves


(Dollars in millions)	Loss reserves				Loss expense reserves		Total gross reserves
	Case reserves		IBNR reserves						Percent of total
At March 31, 2026
Commercial lines insurance:
Commercial casualty	$	1,209	$	1,788	$	925	$	3,922	33.0	%
Commercial property	216		290		114		620		5.2
Commercial auto	447		482		190		1,119		9.4
Workers' compensation	371		593		109		1,073		9.0
Other commercial	175		72		201		448		3.8
Subtotal	2,418		3,225		1,539		7,182		60.4
Personal lines insurance:
Personal auto	321		182		141		644		5.4
Homeowner	350		298		137		785		6.6
Other personal	136		276		11		423		3.6
Subtotal	807		756		289		1,852		15.6
Excess and surplus lines	412		583		359		1,354		11.4
Cincinnati Re	225		1,014		10		1,249		10.5
Cincinnati Global	107		136		4		247		2.1
Total	$	3,969	$	5,714	$	2,201	$	11,884	100.0	%
At December 31, 2025
Commercial lines insurance:
Commercial casualty	$	1,246	$	1,736	$	905	$	3,887	34.0	%
Commercial property	210		195		109		514		4.5
Commercial auto	448		455		185		1,088		9.5
Workers' compensation	369		595		101		1,065		9.3
Other commercial	172		73		193		438		3.8
Subtotal	2,445		3,054		1,493		6,992		61.1
Personal lines insurance:
Personal auto	314		152		135		601		5.2
Homeowner	330		235		130		695		6.1
Other personal	120		259		10		389		3.4
Subtotal	764		646		275		1,685		14.7
Excess and surplus lines	407		544		348		1,299		11.4
Cincinnati Re	218		1,003		8		1,229		10.7
Cincinnati Global	111		131		3		245		2.1
Total	$	3,945	$	5,378	$	2,127	$	11,450	100.0	%

LIFE POLICY AND INVESTMENT CONTRACT RESERVES

Gross life policy and investment contract reserves were $2.965 billion at March 31, 2026, compared with $2.992 billion at year-end 2025. Details about these reserves are in this quarterly report Item 1, Note 5, Life Policy and Investment Contract Reserves. We discussed our life insurance reserving practices in our 2025 Annual Report on Form 10-K, Item 7, Life Insurance Policyholder Obligations and Reserves, Page 99.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 58

Table of Contents

OTHER MATTERS

SIGNIFICANT ACCOUNTING POLICIES

Our significant accounting policies are discussed in our 2025 Annual Report on Form 10-K, Item 8, Note 1, Summary of Significant Accounting Policies, Page 124, and updated in this quarterly report Item 1, Note 1, Accounting Policies.

In conjunction with those discussions, in the Management's Discussion and Analysis in the 2025 Annual Report on Form 10-K, management reviewed the estimates and assumptions used to develop reported amounts related to the most significant policies. Management discussed the development and selection of those accounting estimates with the audit committee of the board of directors.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Our greatest exposure to market risk is through our investment portfolio. Market risk is the potential for a decrease in securities' fair value resulting from broad yet uncontrollable forces such as: inflation, economic growth or recession, interest rates, world political conditions or other widespread unpredictable events. It is comprised of many individual risks that, when combined, create a macroeconomic impact.

Our view of potential risks and our sensitivity to such risks is discussed in our 2025 Annual Report on Form 10-K, Item 7A, Quantitative and Qualitative Disclosures About Market Risk, Page 109.

The fair value of our investment portfolio was $31.163 billion at March 31, 2026, up $198 million from year-end 2025, including a $422 million increase in the fixed-maturity portfolio, a $125 million decrease in the equity portfolio and a $99 million decrease in short-term investments.


(Dollars in millions)	At March 31, 2026								At December 31, 2025
	Cost or amortized cost		Percent of total		Fair value		Percent of total		Cost or amortized cost		Percent of total		Fair value		Percent of total
Taxable fixed maturities	$	14,765	63.0	%	$	14,469	46.4	%	$	14,134	62.5	%	$	14,010	45.2	%
Tax-exempt fixed maturities	4,181		17.9		4,076		13.1		4,170		18.4		4,113		13.3
Common equities	4,071		17.4		12,260		39.3		3,792		16.8		12,373		40.0
Nonredeemable preferred equities	355		1.5		309		1.0		363		1.6		321		1.0
Short-term investments	49		0.2		49		0.2		148		0.7		148		0.5
Total	$	23,421	100.0	%	$	31,163	100.0	%	$	22,607	100.0	%	$	30,965	100.0	%

At March 31, 2026, substantially all of our consolidated investment portfolio, measured at fair value, is classified as Level 1 or Level 2. See Item 1, Note 3, Fair Value Measurements, for additional discussion of our valuation techniques.

In addition to our investment portfolio, the total investments amount reported in our condensed consolidated balance sheets includes Other invested assets. Other invested assets included $656 million of private equity investments, $128 million of real estate through direct property ownership and development projects in the United States, $39 million of life policy loans and $15 million in Lloyd's deposit at March 31, 2026.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 59

Table of Contents

FIXED-MATURITY SECURITIES INVESTMENTS

By maintaining a well-diversified fixed-maturity portfolio, we attempt to reduce overall risk. We invest new money in the bond market on a regular basis, targeting what we believe to be optimal risk-adjusted, after-tax yields. Risk, in this context, includes interest rate, call, reinvestment rate, credit and liquidity risk. We do not make a concerted effort to alter duration on a portfolio basis in response to anticipated movements in interest rates. By regularly investing in the bond market, we build a broad, diversified portfolio that we believe mitigates the impact of adverse economic factors.

In the first three months of 2026, the increase in fair value of our fixed-maturity portfolio was due to net purchases of securities, partially offset by an increase in our net unrealized loss position that reflected an increase in U.S. Treasury yields and a widening of corporate credit spreads. At March 31, 2026, our fixed-maturity portfolio with an average rating of A2/A was valued at 97.9% of its amortized cost, compared with 99.0% at December 31, 2025.

At March 31, 2026, our investment-grade fixed-maturity securities represented 98.1% of the portfolio based on ratings provided by nationally recognized statistical rating organizations or the Securities Valuation Office of the National Association of Insurance Commissioners.

Attributes of the fixed-maturity portfolio include:


	At March 31, 2026		At December 31, 2025
Weighted average yield-to-amortized cost	5.13	%	5.11	%
Weighted average maturity	11.4	yrs	10.9	yrs
Effective duration	5.9	yrs	5.6	yrs

We discuss maturities of our fixed-maturity portfolio in our 2025 Annual Report on Form 10-K, Item 8, Note 2, Investments, Page 131, and in this quarterly report Item 2, Investments Results.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 60

Table of Contents

TAXABLE FIXED MATURITIES

Our taxable fixed-maturity portfolio, with a fair value of $14.469 billion at March 31, 2026, included:


(Dollars in millions)	At March 31, 2026		At December 31, 2025
Investment-grade corporate	$	9,833	$	9,505
Government-sponsored enterprises	2,511		2,359
States, municipalities and political subdivisions	798		806
Asset-backed	766		797
United States government	331		313
Noninvestment-grade corporate	202		206
Foreign government	28		24


Total	$	14,469	$	14,010

Our strategy is to buy, and typically hold, fixed-maturity investments to maturity, but we monitor credit profiles and fair value movements when determining holding periods for individual securities. With the exception of United States agency issues that include government-sponsored enterprises, no individual issuer's securities accounted for more than 0.9% of the taxable fixed-maturity portfolio at March 31, 2026. Our investment-grade corporate bonds had an average rating of Baa1 by Moody's or BBB+ by S&P Global Ratings and represented 68.0% of the taxable fixed-maturity portfolio's fair value at March 31, 2026, compared with 67.8% at year-end 2025.

The heaviest concentration in our investment-grade corporate bond portfolio, based on fair value at

March 31, 2026, was the financial sector. It represented 27.1% of our investment-grade corporate bond portfolio, compared with 28.8% at year-end 2025. The utility and energy sectors represented 13.6% and 11.4%, compared with 13.3% and 11.2%, respectively, at year-end 2025. No other sector exceeded 10% of our investment-grade corporate bond portfolio.

As discussed in our 2025 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 30, investments in the financial sector include various risks. See risk factors entitled “Financial disruption or a prolonged economic downturn could affect our investment performance” and “Our ability to achieve our performance objectives could be affected by changes in the financial, credit and capital markets or the general economy.”

Our taxable fixed-maturity portfolio at March 31, 2026, included $766 million of asset-backed securities at fair value with an average rating of Aa2/AA.

TAX-EXEMPT FIXED MATURITIES

At March 31, 2026, we had $4.076 billion of tax-exempt fixed-maturity securities at fair value with an average rating of Aa2/AA by Moody's and S&P Global Ratings. We traditionally have purchased municipal bonds focusing on general obligation and essential services issues, such as water, waste disposal or others. The portfolio is well diversified among approximately 2,000 municipal bond issuers. No single municipal issuer accounted for more than 0.5% of the tax-exempt fixed-maturity portfolio at March 31, 2026.

INTEREST RATE SENSITIVITY ANALYSIS

Because of our strong surplus, long-term investment horizon and ability to hold most fixed-maturity investments until maturity, we believe the company is adequately positioned if interest rates were to rise. Although the fair values of our existing holdings may suffer, a higher rate environment would provide the opportunity to invest cash flow in higher-yielding securities, while reducing the likelihood of untimely redemptions of currently callable securities. While higher interest rates would be expected to continue to increase the number of fixed-maturity holdings trading below 100% of amortized cost, we believe lower fixed-maturity security values due solely to interest rate changes would not signal a decline in credit quality. We continue to manage the portfolio with an eye toward both meeting current income needs and managing interest rate risk.

Our dynamic financial planning model uses analytical tools to assess market risks. As part of this model, the effective duration of the fixed-maturity portfolio is continually monitored by our investment department to evaluate the theoretical impact of interest rate movements.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 61

Table of Contents

The table below summarizes the effect of hypothetical changes in interest rates on the fair value of the fixed-maturity portfolio:


(Dollars in millions)	Effect from interest rate change in basis points
	-200		-100		—		100		200
At March 31, 2026	$	20,742	$	19,646	$	18,545	$	17,355	$	16,192
At December 31, 2025	$	20,177	$	19,142	$	18,123	$	17,008	$	15,891

The effective duration of the fixed-maturity portfolio as of March 31, 2026, was 5.9 years, up from 5.6 years at year-end 2025. The above table is a theoretical presentation showing that an instantaneous, parallel shift in the yield curve of 100 basis points could produce an approximately 6.2% change in the fair value of the fixed-maturity portfolio. Generally speaking, the higher a bond is rated, the more directly correlated movements in its fair value are to changes in the general level of interest rates, exclusive of call features. The fair values of average- to lower-rated corporate bonds are additionally influenced by the expansion or contraction of credit spreads.

In our dynamic financial planning model, the selected interest rate change of 100 to 200 basis points represents our view of a shift in rates that is quite possible over a one-year period. The rates modeled should not be considered a prediction of future events as interest rates may be much more volatile in the future. The analysis is not intended to provide a precise forecast of the effect of changes in rates on our results or financial condition, nor does it take into account any actions that we might take to reduce exposure to such risks.

SHORT-TERM INVESTMENTS

Our short-term investments consist of commercial paper purchased within one year of maturity. We make short-term investments primarily with funds to be used to make upcoming cash payments, such as dividends, taxes or other corporate purposes. At March 31, 2026, we had $49 million of short-term investments.

EQUITY INVESTMENTS

Our equity investments, with a fair value totaling $12.569 billion at March 31, 2026, included $12.260 billion of common stock securities of companies generally with strong indications of paying and growing their dividends. Other criteria we evaluate include increasing sales and earnings, proven management and a favorable outlook. We believe our equity investment style is an appropriate long-term strategy. While our long-term financial position would be affected by prolonged changes in the market valuation of our investments, we believe our strong surplus position and cash flow provide a cushion against short-term fluctuations in valuation. Continued payment of cash dividends by the issuers of our common equity holdings can provide a floor to their valuation.

The table below summarizes the effect of hypothetical changes in market prices on fair value of our equity portfolio.


(Dollars in millions)	Effect from market price change in percent
		-30%		-20%		-10%		—		10%		20%		30%
At March 31, 2026		$	8,798	$	10,055	$	11,312	$	12,569	$	13,826	$	15,083	$	16,340
At December 31, 2025		$	8,886	$	10,155	$	11,425	$	12,694	$	13,963	$	15,233	$	16,502

At March 31, 2026, Apple Inc. (Nasdaq:AAPL) was our largest single common stock holding with a fair value of $881 million, or 7.2% of our publicly traded common stock portfolio and 2.8% of the total investment portfolio. Forty-six holdings (among ten different sectors) each had a fair value greater than $100 million.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 62

Table of Contents

Common Stock Portfolio Sector Distribution


	Percent of common stock portfolio
	At March 31, 2026				At December 31, 2025
	Cincinnati Financial		S&P 500 Weightings		Cincinnati Financial		S&P 500 Weightings
Sector:
Information technology	30.9	%	32.9	%	35.4	%	34.4	%
Industrials	15.0		9.0		14.4		8.2
Financial	13.4		12.6		13.0		13.4
Healthcare	9.8		9.5		10.0		9.6
Consumer discretionary	7.6		9.9		7.3		10.4
Consumer staples	6.8		5.3		6.5		4.7
Energy	5.8		4.0		4.2		2.8
Materials	3.9		2.1		3.3		1.8
Utilities	3.3		2.5		3.0		2.3
Real estate	2.2		1.9		1.9		1.8
Telecomm services	1.3		10.3		1.0		10.6
Total	100.0	%	100.0	%	100.0	%	100.0	%

UNREALIZED INVESTMENT GAINS AND LOSSES

At March 31, 2026, unrealized investment gains before taxes for the fixed-maturity portfolio totaled $131 million and unrealized investment losses amounted to $532 million before taxes.

The $401 million net unrealized loss position in our fixed-maturity portfolio at March 31, 2026, increased in the first three months of 2026, primarily due to an increase in U.S. Treasury yields and a widening of corporate credit spreads. The net loss position for our current fixed-maturity holdings will naturally decline over time as individual securities approach maturity. In addition, changes in interest rates can cause rapid, significant changes in fair values of fixed-maturity securities and the net loss position, as discussed in Quantitative and Qualitative Disclosures About Market Risk.

For federal income tax purposes, taxes on gains from appreciated investments generally are not due until securities are sold. We believe that the appreciated value of equity securities, compared with the cost of securities that is generally used as a tax basis, is a useful measure to help evaluate how fair value can change over time. On this basis, the net unrealized investment gains at March 31, 2026, consisted of a net gain position in our equity portfolio of $8.143 billion. Events or factors such as economic growth or recession can affect the fair value and unrealized investment gains of our equity securities. The five largest holdings in our common stock portfolio at March 31, 2026, were Apple Inc., Microsoft Corp (Nasdaq:MSFT), Broadcom Inc. (Nasdaq:AVGO), JPMorgan Chase & Co (NYSE:JPM), and Lam Research Corporation (Nasdaq:LRCX), which had a combined fair value of $3.139 billion.

Unrealized Investment Losses

We expect the number of fixed-maturity securities trading below amortized cost to fluctuate as interest rates rise or fall and credit spreads expand or contract due to prevailing economic conditions. Further, amortized costs for some securities are revised through write-downs recognized in prior periods. At March 31, 2026, 3,356 of the 5,442 fixed-maturity and short-term securities we owned had fair values below amortized cost, compared with 2,597 of the 5,358 securities we owned at year-end 2025. The 3,356 holdings with fair values below amortized cost at March 31, 2026, represented 62.1% of the fair value of our fixed-maturity and short-term investments portfolio and $532 million in unrealized losses.

•2,628 of the 3,356 holdings had fair value between 90% and 100% of amortized cost at March 31, 2026. These primarily consist of securities whose current valuation is largely the result of interest rate factors. The fair value of these 2,628 securities was $10.223 billion, and they accounted for $241 million in unrealized losses.

•711 of the 3,356 holdings had fair value between 70% and 90% of amortized cost at March 31, 2026. We believe the 711 securities will continue to pay interest and ultimately pay principal upon maturity.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 63

Table of Contents

The issuers of these 711 securities have strong cash flow to service their debt and meet their contractual obligation to make principal payments. The fair value of these securities was $1.299 billion, and they accounted for $277 million in unrealized losses.

•17 of the 3,356 holdings had fair value below 70% of amortized cost at March 31, 2026. We believe these securities will continue to pay interest and ultimately pay principal upon maturity. The fair value of these securities was $21 million, and they accounted for $14 million in unrealized losses.

The table below reviews fair values and unrealized losses by investment category and by the overall duration of the securities' continuous unrealized loss position.


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







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

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

At March 31, 2026, applying our invested asset impairment policy, we determined that the total of $532 million, for securities in an unrealized loss position in the table above, was not the result of a credit loss.

During the first three months of 2026, no fixed maturity securities were written down to fair value, due to an intention to be sold. The allowance for credit losses decreased less than $1 million during the first three months of 2026. During the first three months of 2025, no fixed maturity securities were written down to fair value, due to an intention to be sold. The increase in the allowance for credit losses was $2 million during the first three months of 2025.

During the full year of 2025, no securities were written down to fair value. At December 31, 2025, 2,597 fixed-maturity and short-term securities with a total unrealized loss of $397 million were in an unrealized loss position. Of that total, 13 securities had fair values below 70% of amortized cost.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 64

Table of Contents

The following table summarizes the investment portfolio by severity of decline:


(Dollars in millions)	Number of issues	Amortized cost		Fair value		Gross unrealized gain (loss)		Gross investment income
At March 31, 2026
Taxable fixed maturities:
Fair valued below 70% of amortized cost	8	$	23	$	14	$	(9)	$	—
Fair valued at 70% to less than 100% of amortized cost	1,759	9,477		9,079		(398)		112
Fair valued at 100% and above of amortized cost	1,032	5,265		5,376		111		77
Investment income on securities sold in current year	—	—		—		—		7
Total	2,799	14,765		14,469		(296)		196
Tax-exempt fixed maturities:
Fair valued below 70% of amortized cost	9	12		7		(5)		—
Fair valued at 70% to less than 100% of amortized cost	1,580	2,563		2,443		(120)		21
Fair valued at 100% and above of amortized cost	1,052	1,606		1,626		20		17
Investment income on securities sold in current year	—	—		—		—		—
Total	2,641	4,181		4,076		(105)		38
Fixed-maturities summary:
Fair valued below 70% of amortized cost	17	35		21		(14)		—
Fair valued at 70% to less than 100% of amortized cost	3,339	12,040		11,522		(518)		133
Fair valued at 100% and above of amortized cost	2,084	6,871		7,002		131		94
Investment income on securities sold in current year	—	—		—		—		7
Total	5,440	18,946		18,545		(401)		234
Short-term investments:
Fair valued below 70% of cost	—	—		—		—		—
Fair valued at 70% to less than 100% of cost	—	—		—		—		—
Fair valued at 100% and above of cost	2	49		49		—		—
Investment income on securities sold in current year	—	—		—		—		5
Total	2	49		49		—		5






Fixed maturities and short-term investments summary:
Fair valued below 70% of cost	17	35		21		(14)		—
Fair valued at 70% to less than 100% of cost	3,339	12,040		11,522		(518)		133
Fair valued at 100% and above of cost	2,086	6,920		7,051		131		94
Investment income on securities sold in current year	—	—		—		—		12
Total	5,442	$	18,995	$	18,594	$	(401)	$	239

At December 31, 2025
Fixed maturities and short-term investments summary:
Fair valued below 70% of amortized cost	13	$	30	$	17	$	(13)	$	1
Fair valued at 70% to less than 100% of amortized cost	2,584	8,244		7,860		(384)		311
Fair valued at 100% and above of amortized cost	2,761	10,178		10,394		216		440
Investment income on securities sold in current year	—	—		—		—		126
Total	5,358	$	18,452	$	18,271	$	(181)	$	878

See our 2025 Annual Report on Form 10-K, Item 7, Critical Accounting Estimates, Asset Impairment, Page 54.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 65

Table of Contents

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures – The company maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (Exchange Act)).

Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. The company's management, with the participation of the company's chief executive officer and chief financial officer, has evaluated the effectiveness of the design and operation of the company's disclosure controls and procedures as of March 31, 2026. Based upon that evaluation, the company's chief executive officer and chief financial officer concluded that the design and operation of the company's disclosure controls and procedures provided reasonable assurance that the disclosure controls and procedures are effective to ensure:

•that information required to be disclosed in the company's reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and

•that such information is accumulated and communicated to the company's management, including its chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosures.

Changes in Internal Control over Financial Reporting – During the three months ended March 31, 2026, there were no changes in our internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 66

Table of Contents

Part II – Other Information

Item 1. Legal Proceedings

Neither the company nor any of our subsidiaries are involved in any litigation believed to be material other than ordinary, routine litigation incidental to the nature of our business.

Item 1A. Risk Factors

Our risk factors have not changed materially since they were described in our 2025 Annual Report on Form 10-K filed February 23, 2026. Investors should not interpret the disclosure of a risk to imply that the risk has not already materialized.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 67

Table of Contents

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

We did not sell any of our shares that were not registered under the Securities Act during the first three months of 2026. Our repurchase program does not have an expiration date. On January 26, 2018, an additional 15 million shares were authorized, which expanded our current repurchase program. We have 3,176,650 shares available for purchase under our programs at March 31, 2026.


Period	Total number of shares purchased	Average price paid per share		Total number of shares purchased as part of publicly announced plans or programs	Maximum number of shares that may yet be purchased under the plans or programs
January 1-31, 2026	—	—		—	4,260,268
February 1-28, 2026	—	—		—	4,260,268
March 1-31, 2026	1,083,618	$	164.93	1,083,618	3,176,650






Totals	1,083,618	164.93		1,083,618

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 68

Table of Contents

Item 5. Other Information

Neither the company nor any of our officers or directors adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement as defined by Item 408(a) and Item 408(d) of Regulation S-K during the last fiscal quarter.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 69

Table of Contents

Item 6. Exhibits


Exhibit No.						Exhibit Description
3.1						Amended and Restated Articles of Incorporation of Cincinnati Financial Corporation as of May 29, 2025, (incorporated by reference to Exhibit 3.1 filed with the company’s Quarterly Report on Form 10-Q filed on July 28, 2025)
3.2						Amended and Restated Code of Regulations of Cincinnati Financial Corporation, as of May 6, 2023 (incorporated by reference to Exhibit 3.1 filed with the company's Current Report on Form 8-K filed on May 9, 2023)
4.8						Description of Registered Securities (incorporated by reference to Exhibit 4.8 filed with the company’s registration statement on Form S-3 filed on April 22, 2026)
31A						Certification pursuant to Section 302 of the Sarbanes Oxley Act of 2002 – Chief Executive Officer
31B						Certification pursuant to Section 302 of the Sarbanes Oxley Act of 2002 – Chief Financial Officer
32						Certification pursuant to Section 906 of the Sarbanes Oxley Act of 2002
101.INS						The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.
101.SCH						XBRL Taxonomy Extension Schema Document
101.CAL						XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF						XBRL Taxonomy Extension Definition Linkbase Document
101.LAB						XBRL Taxonomy Extension Label Linkbase Document
101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 70

Table of Contents

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


CINCINNATI FINANCIAL CORPORATION
Date: April 27, 2026

/S/ Michael J. Sewell
Michael J. Sewell, CPA
Chief Financial Officer, Executive Vice President and Treasurer
(Principal Accounting Officer)

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Page 71