Companies: 10,822     total market cap: $147.752 T
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Cincinnati Financial
CINF
#966
Rank
$25.25 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$163.26
Share price
-0.32%
Change (1 day)
10.56%
Change (1 year)
๐Ÿฆ Insurance
Categories
Cincinnati Financial Corporation is an American insurance company that offers property and casualty insurance.
  1. Cincinnati Financial
  2. Quarterly Reports (10-Q)
  3. Submitted on 2026-04-27

Cincinnati Financial - 10-Q quarterly report FY


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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 classTrading Symbol(s)Name of each exchange on which registered
Common stockCINFNasdaq 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.

CINCINNATI FINANCIAL CORPORATION AND SUBSIDIARIES
FORM 10-Q FOR THE QUARTER ENDED March 31, 2026
 
TABLE OF CONTENTS
 
3
3
3
4
5
6
7
8
29
          Safe Harbor Statement
29
          Corporate Financial Highlights
32
          Financial Results
40
55
          Other Matters
59
59
66
67
67
67
68
69
70

Cincinnati Financial Corporation First-Quarter 2026 10-Q
Page 2
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,
20262025
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 assets838 818 
Total investments32,001 31,783 
Cash and cash equivalents1,210 1,431 
Investment income receivable247 235 
Finance receivable142 146 
Premiums receivable3,321 3,142 
Reinsurance recoverable627 655 
Prepaid reinsurance premiums95 71 
Deferred policy acquisition costs1,384 1,344 
Land, building and equipment, net, for company use (accumulated depreciation:
   2026—$373; 2025—$367)
214 219 
Other assets982 995 
Separate accounts988 981 
Total assets$41,211 $41,002 
Liabilities  
Insurance reserves  
Loss and loss expense reserves$11,959 $11,507 
Life policy and investment contract reserves2,965 2,992 
Unearned premiums5,424 5,254 
Other liabilities1,567 1,638 
Deferred income tax1,710 1,833 
Note payable25 25 
Long-term debt and lease obligations859 861 
Separate accounts988 981 
Total liabilities25,497 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 capital1,561 1,561 
Retained earnings16,848 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' equity15,714 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
Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Income
(Dollars in millions, except per share data)Three months ended March 31,
20262025
Revenues  
Earned premiums$2,604 $2,344 
Investment income, net of expenses318 280 
Investment gains and losses, net(70)(67)
Fee revenues5 5 
Other revenues6 4 
Total revenues2,863 2,566 
Benefits and Expenses  
Insurance losses and contract holders' benefits1,751 1,968 
Underwriting, acquisition and insurance expenses764 702 
Interest expense13 13 
Other operating expenses9 11 
 Total benefits and expenses2,537 2,694 
Income (Loss) Before Income Taxes326 (128)
Provision (Benefit) for Income Taxes  
Current134 (42)
Deferred(82)4 
Total provision (benefit) for income taxes52 (38)
Net Income (Loss)$274 $(90)
Per Common Share  
Net income (loss) — basic$1.77 $(0.57)
Net income (loss) — diluted1.75 (0.57)
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation First-Quarter 2026 10-Q
Page 4
Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(Dollars in millions)Three months ended March 31,
20262025
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
Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Shareholders' Equity
(Dollars in millions)Three months ended March 31,
20262025
Common Stock
   Beginning of period$397 $397 
   Share-based awards— — 
   End of period397 397 
Paid-In Capital
   Beginning of period1,561 1,502 
   Share-based awards(17)(7)
   Share-based compensation15 15 
   Other2 1 
   End of period1,561 1,511 
Retained Earnings
   Beginning of period16,719 14,869 
   Net income (loss)274 (90)
Dividends declared (145)(135)
   End of period16,848 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 awards10 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 period155.4 156.4 
   Share-based awards0.3 0.2 
   Shares acquired - share repurchase authorization(1.1)(0.3)
   End of period154.6 156.3 
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
Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
 (Dollars in millions)Three months ended March 31,
20262025
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 other40 47 
Investment gains and losses, net75 74 
Interest credited to contract holders11 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 reserves452 777 
Life policy and investment contract reserves18 5 
Unearned premiums170 255 
Other liabilities(187)(135)
Current income tax receivable/payable113 (59)
Net cash provided by operating activities656 310 
Cash Flows From Investing Activities  
Sale, call or maturity of fixed maturities1,005 497 
Sale of equity securities454 17 
Purchase of fixed maturities(1,629)(717)
Purchase of equity securities(400)(22)
Change in short-term investments, net101 200 
Changes in finance receivables3 (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 exercised5 4 
Contract holders' funds deposited16 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 year1,431 983 
Cash and cash equivalents at end of period$1,210 $1,010 
Supplemental Disclosures of Cash Flow Information:  
Income taxes paid4 2 
Noncash Activities  
Equipment acquired under finance lease obligations$3 $8 
Share-based compensation27 13 
Other assets and other liabilities38 100 
 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
Cincinnati Financial Corporation First-Quarter 2026 10-Q
Page 7
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
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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 unrealizedFair value
At March 31, 2026gainslosses
Fixed-maturity:    
Corporate $10,209 $100 $274 $10,035 
States, municipalities and political subdivisions5,073 22 221 4,874 
Government-sponsored enterprises 2,535 1 25 2,511 
Asset-backed769 7 10 766 
United States government332 1 2 331 
Foreign government28 — — 28 
Total fixed-maturity18,946 131 532 18,545 
Short-term49 — — 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 subdivisions5,065 35 181 4,919 
Government-sponsored enterprises2,360 3 4 2,359 
Asset-backed 793 12 8 797 
United States government312 2 1 313 
Foreign government24 — — 24 
Total fixed-maturity18,304 216 397 18,123 
Short-term148 — — 148 
Total fixed-maturity and short-term investments$18,452 $216 $397 $18,271 
 
The increase in net unrealized investment losses in our fixed-maturity portfolio at March 31, 2026, is primarily due to an increase in U.S. Treasury yields and a widening of corporate credit spreads. Our asset-backed securities had an average rating of Aa2/AA at both March 31, 2026 and December 31, 2025.

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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 months12 months or moreTotal
At March 31, 2026Fair
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 subdivisions808 7 2,319 214 3,127 221 
Government-sponsored enterprises2,018 23 97 2 2,115 25 
Asset-backed157 3 185 7 342 10 
United States government126 1 20 1 146 2 
Foreign government15 — — — 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 subdivisions204 2 2,346 179 2,550 181 
Government-sponsored enterprises983 3 195 1 1,178 4 
Asset-backed101 2 184 6 285 8 
United States government69 — 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 years3,437 3,428 18.4 
Due after five years through ten years4,790 4,756 25.6 
Due after ten years9,928 9,572 51.5 
Total$18,995 $18,594 100.0 %

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

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Table of Contents
The following table provides investment income and investment gains and losses, net:
(Dollars in millions)Three months ended March 31,
20262025
Investment income:
Interest$235 $210 
Dividends76 67 
Other 12 7 
Total323 284 
Less investment expenses5 4 
Total$318 $280 
Investment gains and losses, net:  
Equity securities:  
Investment gains and losses on securities sold, net$33 $(1)
Unrealized gains and losses on securities still held, net(104)(71)
Subtotal(71)(72)
Fixed-maturity securities:  
Gross realized gains2 — 
Gross realized losses(1)— 
Change in allowance for credit losses, net(1)(2)
Subtotal— (2)
Other1 7 
Total$(70)$(67)
 
The fair value of our equity portfolio was $12.569 billion and $12.694 billion at March 31, 2026, and December 31, 2025, respectively. Apple Inc. (Nasdaq:AAPL), an equity holding, was our largest single investment holding with fair values of $881 million and $958 million, which was 7.2% and 7.7% of our publicly traded common equities portfolio and 2.8% and 3.1% of the total investment portfolio at March 31, 2026, and December 31, 2025, respectively.

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

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

Fair Value Disclosures for Assets
The following tables illustrate the fair value hierarchy for those assets measured at fair value on a recurring basis at March 31, 2026, and December 31, 2025. We do not have any liabilities carried at fair value.
(Dollars in millions)Level 1Level 2Level 3Total
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 government331 — — 331 
Foreign government— 28 — 28 
Subtotal331 18,214 — 18,545 
Common equities12,260 — — 12,260 
Nonredeemable preferred equities— 309 — 309 
Separate accounts taxable fixed maturities64 890 — 954 
Short-term investments49 — — 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 government313 — — 313 
Foreign government— 24 — 24 
Subtotal313 17,810 — 18,123 
Common equities12,373 — — 12,373 
Nonredeemable preferred equities— 321 — 321 
Separate accounts taxable fixed maturities 35 872 — 907 
Short-term investments148 — — 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
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We also held Level 1 cash and cash equivalents of $1.210 billion and $1.431 billion at March 31, 2026, and December 31, 2025, respectively.

Fair Value Disclosures for Assets and Liabilities Not Carried at Fair Value 
The disclosures below are presented to provide information about the effects of current market conditions on financial instruments that are not reported at fair value in our condensed consolidated financial statements.
 
This table summarizes the book value and principal amounts of our long-term debt:
(Dollars in millions) Book valuePrincipal amount
Interest
rate		Year of 
issue		 March 31,December 31,March 31,December 31,
 2026202520262025
6.900%1998Senior debentures, due 2028$27 $27 $28 $28 
6.920%2005Senior debentures, due 2028391 391 391 391 
6.125%2004Senior notes, due 2034373 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 1Level 2Level 3Total
At March 31, 2026
Note payable$— $25 $— $25 
6.900% senior debentures, due 2028
— 29 — 29 
6.920% senior debentures, due 2028
— 411 — 411 
6.125% senior notes, due 2034
— 394 — 394 
Total$— $859 $— $859 
At December 31, 2025
Note payable$— $25 $— $25 
6.900% senior debentures, due 2028
— 29 — 29 
6.920% senior debentures, due 2028
— 416 — 416 
6.125% senior notes, due 2034
— 404 — 404 
Total$— $874 $— $874 
 
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The following table shows the fair value of our life policy loans included in other invested assets and the fair values of our deferred annuities and structured settlements included in life policy and investment contract reserves:
(Dollars in millions)Level 1Level 2Level 3Total
At March 31, 2026
Life policy loans$— $— $43 $43 
Deferred annuities$— $— $518 $518 
Structured settlements— 119 — 119 
Total$— $119 $518 $637 
At December 31, 2025
Life policy loans$— $— $43 $43 
Deferred annuities$— $— $530 $530 
Structured settlements— 123 — 123 
Total$— $123 $530 $653 
 
Outstanding principal and interest for these life policy loans totaled $39 million and $38 million at March 31, 2026, and December 31, 2025, respectively.
 
Recorded reserves for the deferred annuities were $546 million and $554 million at March 31, 2026, and December 31, 2025, respectively. Recorded reserves for the structured settlements were $110 million and $111 million at March 31, 2026, and December 31, 2025, respectively.

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NOTE 4 – Property Casualty Loss and Loss Expenses
This table summarizes activity for our consolidated property casualty loss and loss expense reserves:
(Dollars in millions)Three months ended March 31,
20262025
Gross loss and loss expense reserves, beginning of period$11,450 $9,937 
Less reinsurance recoverable438 269 
Net loss and loss expense reserves, beginning of period11,012 9,668 
Net incurred loss and loss expenses related to:  
Current accident year1,748 1,978 
Prior accident years(81)(91)
Total incurred1,667 1,887 
Net paid loss and loss expenses related to:  
Current accident year234 593 
Prior accident years967 806 
Total paid1,201 1,399 
Net loss and loss expense reserves, end of period11,478 10,156 
Plus reinsurance recoverable406 551 
Gross loss and loss expense reserves, end of period$11,884 $10,707 
 
We use actuarial methods, models and judgment to estimate, as of a financial statement date, the property casualty loss and loss expense reserves required to pay for and settle all outstanding insured claims, including incurred but not reported (IBNR) claims, as of that date. The actuarial estimate is subject to review and adjustment by an inter-departmental committee that includes actuarial, claims, underwriting, loss prevention and accounting management. This committee is familiar with relevant company and industry business, claims and underwriting trends, as well as general economic and legal trends that could affect future loss and loss expense payments. The amount we will actually have to pay for claims can be highly uncertain. This uncertainty, together with the size of our reserves, makes the loss and loss expense reserves our most significant estimate. The reserve for loss and loss expenses in the condensed consolidated balance sheets also included $75 million and $73 million at March 31, 2026, and 2025, respectively, for certain life and health loss and loss expense reserves.

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

We experienced $91 million of favorable development on prior accident years, including $43 million of favorable development in commercial lines, $19 million of favorable development in personal lines and $9 million of favorable development in excess and surplus lines for the three months ended March 31, 2025. Within commercial lines, we recognized favorable reserve development of $35 million for the commercial property line and $11 million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. Within personal lines, we recognized favorable reserve development of $19 million for the homeowner line.
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NOTE 5 – Life Policy and Investment Contract Reserves
We establish the reserves for traditional life policies including term, whole life and other products based on the present value of future benefits and claim expenses less the present value of future net premiums. Net premium is the portion of gross premium required to 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, 2026December 31, 2025
Life policy reserves:
Term$1,088 $1,103 
Whole life420 426 
Other102 100 
Subtotal1,610 1,629 
Investment contract reserves:
Deferred annuities546 554 
Universal life590 589 
Structured settlements110 111 
Other109 109 
Subtotal1,355 1,363 
Total life policy and investment contract reserves$2,965 $2,992 

Cincinnati Financial Corporation First-Quarter 2026 10-Q
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The balances and changes in the term and whole life policy reserves included in life policy and investment contract reserves are as follows:
(Dollars in millions)Three months ended March 31,
20262025
TermWhole lifeTermWhole life
Present value of expected net premiums:
Balance, beginning of period$1,709 $225 $1,638 $218 
Beginning balance at original discount rate1,743 228 1,719 228 
Effect of changes in cash flow assumptions— — — — 
Effect of actual variances from expected experience(6)— (8)— 
Adjusted beginning of period balance1,737 228 1,711 228 
Issuances39 4 35 3 
Interest accrual19 2 19 3 
Net premiums collected(46)(7)(46)(7)
Ending balance at original discount rate1,749 227 1,719 227 
Effect of changes in discount rate assumptions(61)(6)(60)(7)
Balance, end of period1,688 221 1,659 220 
Present value of expected future policy benefits:
Balance, beginning of period2,794 650 2,668 623 
Beginning balance at original discount rate2,863 662 2,812 646 
Effect of changes in cash flow assumptions— — — — 
Effect of actual variances from expected experience(7)— (14)— 
Adjusted beginning of period balance2,856 662 2,798 646 
Issuances39 4 36 3 
Interest accrual32 8 32 9 
Benefits paid(50)(8)(54)(10)
Ending balance at original discount rate2,877 666 2,812 648 
Effect of changes in discount rate assumptions(117)(26)(109)(17)
Balance, end of period2,760 640 2,703 631 
Net liability for future policy benefits:
Present value of expected future policy benefits less expected net premiums1,072 419 1,044 411 
Impact of flooring at cohort level 16 1 20 1 
Net life policy reserves1,088 420 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 years11151115

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

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The following table shows the amount of undiscounted and discounted expected future benefit payments and expected gross premiums for our term and whole life policies:
(Dollars in millions)At March 31,
20262025
UndiscountedDiscountedUndiscountedDiscounted
Term
Expected future benefit payments$5,065 $2,760 $4,894 $2,703 
Expected future gross premiums4,727 2,738 4,561 2,658 
Whole life
Expected future benefit payments$1,758 $640 $1,719 $631 
Expected future gross premiums706 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,
20262025
Gross premiums
Term$77 $74 
Whole life14 13 
Total$91 $87 
Interest accretion
Term$13 $13 
Whole life6 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,
20262025
Term
Interest accretion rate5.28 %5.20 %
Current discount rate5.11 4.96 
Whole life
Interest accretion rate5.85 %5.87 %
Current discount rate5.82 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
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The following table shows the balances and changes in policyholders' account balances included in investment contract reserves:
(Dollars in millions)Three months ended March 31,
20262025
Deferred annuityUniversal lifeDeferred annuityUniversal life
Balance, beginning of period$554 $451 $595 $456 
Premiums received6 9 4 10 
Policy charges— (10)— (10)
Surrenders and withdrawals(15)(5)(17)(3)
Benefit payments(4)(1)(5)(1)
Interest credited5 5 5 5 
Balance, end of period$546 $449 $582 $457 
Weighted average crediting rate3.75 %4.42 %3.68 %4.40 %
Net amount at risk$— $3,642 $— $3,801 
Cash surrender value539 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 minimum1 to 50 basis points above51-150 basis points aboveGreater than 150 basis pointsTotal
At March 31, 2026
Deferred annuity
1.00-3.00%$204 $43 $14 $242 $503 
3.01-4.00%43 — — — 43 
Total$247 $43 $14 $242 $546 
Universal life
1.00-3.00%$— $53 $57 $17 $127 
3.01-4.00%52 — 4 — 56 
Greater than 4.00%266 — — — 266 
Total$318 $53 $61 $17 $449 
At March 31, 2025
Deferred annuity
1.00-3.00%$2 $286 $15 $233 $536 
3.01-4.00%46 — — — 46 
Total$48 $286 $15 $233 $582 
Universal life
1.00-3.00%$— $55 $65 $6 $126 
3.01-4.00%50 — 5 — 55 
Greater than 4.00%276 — — — 276 
Total$326 $55 $70 $6 $457 

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The following table shows the balances and changes in the other additional liability related to the no-lapse guarantees contained within our universal life contracts:
(Dollars in millions)Three months ended March 31,
20262025
Balance, beginning of period$138 $130 
Balance, beginning of period before shadow reserve adjustments138 131 
Effect of changes in cash flow assumptions— — 
Effect of actual variances from expected experience1 2 
Adjusted beginning of period balance139 133 
Interest accrual1 1 
Excess death benefits(2)(7)
Attributed assessments3 3 
Effect of changes in interest rate assumptions1 1 
Balance, end of period before shadow reserve adjustments142 131 
Shadow reserve adjustments(1)(1)
Balance, end of period141 130 
Less reinsurance recoverable, end of period5 8 
Net other additional liability, after reinsurance recoverable$146 $138 
Weighted-average duration of the other additional liability in years2529

The following table shows balances and changes in separate accounts liability balances during the period:
(Dollars in millions)Three months ended March 31,
20262025
Balance, beginning of period$981 $952 
Interest credited before policy charges11 11 
Benefit payments(1)(8)
Other(3)4 
Balance, end of period$988 $959 
Cash surrender value$986 $949 
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NOTE 6 – Deferred Policy Acquisition Costs
Expenses directly related to successfully acquired insurance policies – primarily commissions, premium taxes and underwriting costs – are deferred and amortized over the terms of the policies. We update our acquisition cost assumptions periodically to reflect actual experience. For property casualty, we evaluate the costs for recoverability. No premium deficiencies were recorded in the condensed consolidated statements of income, as the sum of the anticipated loss and loss expenses, policyholder dividends and unamortized deferred acquisition expenses did not exceed the related unearned premiums and anticipated investment income.

The table below shows the deferred policy acquisition costs and asset reconciliation.
(Dollars in millions)Three months ended March 31,
20262025
Property casualty:
Deferred policy acquisition costs asset, beginning of period$974 $886 
Capitalized deferred policy acquisition costs512 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 costs11 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 costs523 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, 2026TermWhole lifeDeferred annuityUniversal lifeTotal
Balance, beginning of period$257 $55 $8 $50 $370 
Capitalized deferred policy acquisition costs9 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 costs9 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
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NOTE 7 – Accumulated Other Comprehensive Income
Accumulated other comprehensive income (AOCI) includes changes in unrealized gains and losses on investments, changes in pension obligations and changes in life policy reserves, reinsurance recoverable and other as follows:
(Dollars in millions)Three months ended March 31,
20262025
Before taxIncome taxNetBefore taxIncome taxNet
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 income30 6 24 (17)(3)(14)
Investment gains and losses, net, recognized in net income— — — — — — 
OCI30 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)$(309)
Investments OCI(220)(46)(174)67 14 53 
Pension obligations OCI(1)— (1)(1)— (1)
Life policy reserves, reinsurance recoverable and other OCI30 6 24 (17)(3)(14)
Total OCI(191)(40)(151)49 11 38 
AOCI, end of period$(235)$(50)$(185)$(344)$(73)$(271)

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

The table below summarizes our consolidated property casualty insurance net written premiums, earned premiums and incurred loss and loss expenses:
(Dollars in millions)Three months ended March 31,
20262025
Direct written premiums$2,507 $2,388 
Assumed written premiums281 303 
Ceded written premiums(120)(196)
Net written premiums$2,668 $2,495 
Direct earned premiums$2,448 $2,247 
Assumed earned premiums167 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 expenses81 236 
Ceded incurred loss and loss expenses(9)(498)
Incurred loss and loss expenses$1,667 $1,887 

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

The table below summarizes our consolidated life insurance earned premiums and contract holders' benefits incurred:
(Dollars in millions)Three months ended March 31,
20262025
Direct earned premiums$105 $99 
Ceded earned premiums(20)(19)
Earned premiums$85 $80 
Direct contract holders' benefits incurred$99 $94 
Ceded contract holders' benefits incurred(15)(13)
Contract holders' benefits incurred$84 $81 
 
The ceded benefits incurred can vary depending on the type of life insurance policy held and the year the policy was issued.

The allowance for uncollectible property casualty premiums receivable was $18 million at both March 31, 2026, and December 31, 2025. The allowances for credit losses on other premiums receivable and reinsurance recoverable assets were immaterial at March 31, 2026, and December 31, 2025.
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NOTE 9 – Income Taxes
The differences between the 21% statutory federal income tax rate and our effective income tax rate were as follows:
(Dollars in millions)Three months ended March 31,
20262025
Tax at statutory rate:$68 21.0 %$(27)21.0 %
Increase (decrease) resulting from:    
Nontaxable or nondeductible items
Tax-exempt income from municipal bonds(6)(1.8)(5)3.9 
Dividend received exclusion(6)(1.8)(5)3.9 
Other nontaxable or nondeductible items(1)(0.3)2 (1.6)
Other(3)(1.1)(3)2.5 
Provision (benefit) for income taxes$52 16.0 %$(38)29.7 %
 
The provision (benefit) for federal income taxes is based upon filing a consolidated income tax return for the company and its domestic subsidiaries.

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

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

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NOTE 10 – Net Income (Loss) Per Common Share
Basic earnings per share are computed based on the weighted average number of common shares outstanding. Diluted earnings per share are computed based on the weighted average number of common and dilutive potential common shares outstanding using the treasury stock method. The table shows calculations for basic and diluted earnings per share:
(In millions, except per share data)Three months ended March 31,
20262025
Numerator:  
Net income (loss)—basic and diluted
$274 $(90)
Denominator:  
Basic weighted-average common shares outstanding155.3 156.4 
Effect of share-based awards:  
Stock options1.2 — 
Nonvested shares0.5 — 
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 awards0.5 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,
20262025
Service cost$1 $1 
Non-service (benefit) costs:
Interest cost4 4 
Expected return on plan assets(6)(6)
Amortization of actuarial gain and prior service cost(1)(1)
 Total non-service benefit (3)(3)
Net periodic benefit$(2)$(2)

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

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

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

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

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

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

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

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

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Segment information is summarized in the following table: 
(Dollars in millions)Three months ended March 31,
20262025
Commercial lines insurance  
Commercial lines insurance premiums$1,241 $1,179 
Fee revenues1 2 
Total commercial lines insurance revenues1,242 1,181 
Loss and loss expenses847 735 
Underwriting expenses377 349 
Total commercial lines income before income taxes18 97 
Personal lines insurance  
Personal lines insurance premiums873 698 
Fee revenues2 1 
Total personal lines insurance revenues875 699 
Loss and loss expenses607 846 
Underwriting expenses238 210 
Total personal lines income (loss) before income taxes30 (357)
Excess and surplus lines insurance
Excess and surplus lines insurance premiums180 162 
Fee revenues1 1 
Total excess and surplus lines insurance revenues181 163 
Loss and loss expenses110 99 
Underwriting expenses50 44 
Total excess and surplus lines income before income taxes21 20 
Life insurance
Life insurance premiums85 80 
Fee revenues1 1 
Total life insurance revenues86 81 
Contract holders' benefits incurred84 81 
Investment interest credited to contract holders(32)(32)
Underwriting expenses incurred23 23 
Total life insurance income before income taxes11 9 
Investments
    Investment income, net of expenses318 280 
    Investment gains and losses, net(70)(67)
Total investment revenue248 213 
Investment interest credited to contract holders32 32 
Total investment income before income taxes216 181 
Reconciliation to condensed consolidated income before income taxes
Total segment revenues2,632 2,337 
Other earned premiums225 225 
Other revenues6 4 
Total revenues2,863 2,566 
Total segment benefits and expenses2,336 2,387 
Other loss and loss expenses103 207 
Other underwriting expenses76 76 
Other benefits and expenses22 24 
Total benefits and expenses2,537 2,694 
Total income (loss) before income taxes$326 $(128)

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Identifiable assets by segment are summarized in the following table:
(Dollars in millions)March 31,December 31,
20262025
Identifiable assets:
Property casualty insurance$6,608 $6,916 
Life insurance1,715 1,695 
Investments31,410 31,199 
Other1,478 1,192 
Total$41,211 $41,002 

Item 2.    Management’s Discussion and Analysis of Financial Condition and
        Results of Operations
The following discussion highlights significant factors influencing the condensed consolidated results of operations and financial position of Cincinnati Financial Corporation. It should be read in conjunction with the consolidated financial statements and related notes included in our 2025 Annual Report on Form 10-K. Unless otherwise noted, the industry data is prepared by A.M. Best Co., a leading insurance industry statistical, analytical and financial strength rating organization. Information from A.M. Best is presented on a statutory basis for insurance company regulation in the United States of America. When we provide our results on a comparable statutory basis, we label it as such; all other company data is presented in accordance with accounting principles generally accepted in the United States of America (GAAP).
 
We present per share data on a diluted basis unless otherwise noted, adjusting those amounts for all stock splits and dividends. Dollar amounts are rounded to millions; calculations of percent changes are based on dollar amounts rounded to the nearest million. Certain percentage changes are identified as not meaningful (nm).
 
SAFE HARBOR STATEMENT    
Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by forward-looking statements. Any forward-looking statements contained herein, are based upon our current estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words like “seek,” “expect,” “will,” “should,” “could,” “might,” “anticipate,” “believe,” “estimate,” “intend,” “likely,” “future,” or other similar expressions. Forward-looking statements speak only as of the date they were made; we assume no obligation to update such statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements include, but are not limited to:

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

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

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

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

Risks and uncertainties are further discussed in other filings with the Securities and Exchange Commission, including our 2025 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 30.
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CORPORATE FINANCIAL HIGHLIGHTS
Net Income and Comprehensive Income Data
(Dollars in millions, except per share data)Three months ended March 31,
20262025% 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 revenues2,863 2,566 12 
Net income (loss)274 (90)nm
Comprehensive income (loss)123 (52)nm
Net income (loss) per share—diluted1.75 (0.57)nm
Cash dividends declared per share0.94 0.87 8 
Diluted weighted average shares outstanding157.0 156.4 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.

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Balance Sheet Data and Performance Measures
(Dollars in millions, except share data)At March 31,At December 31,
20262025
Total investments$32,001 $31,783 
Total assets41,211 41,002 
Short-term debt25 25 
Long-term debt791 790 
Shareholders' equity15,714 15,911 
Book value per share101.60 102.35 
Debt-to-total-capital ratio4.9 %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,
20262025
Value creation ratio major contributors:  
Net income before investment gains2.1 %(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 ratio0.2 %(0.5)%
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(Dollars are per share)Three months ended March 31,
20262025
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 shareholders0.94 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 ratio0.2 %(0.5)%
    * Book value per share is calculated by dividing end of period total shareholders' equity by end of period shares outstanding
  ** Change in book value divided by the beginning of period book value
*** Dividend declared to shareholders divided by beginning of period book value

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

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

•Premium growth – We believe our agency relationships and initiatives can lead to a property casualty written premium growth rate over any five-year period that exceeds the industry average. For the first three months of 2026, our consolidated property casualty net written premium year-over-year growth was 7%. As of February 2026, A.M. Best projected the industry's full-year 2026 written premium growth at approximately 4%. For the five-year period 2021 through 2025, our growth rate exceeded that of the industry. The industry's growth rate excludes its mortgage and financial guaranty lines of business.
•Combined ratio – We believe our underwriting philosophy and initiatives can generate an average GAAP combined ratio over any five-year period that is consistently within the range of 92% to 98%. For the first three months of 2026, our GAAP combined ratio was 95.6%, including 11.3 percentage points of current accident year catastrophe losses partially offset by 3.2 percentage points of favorable loss reserve development on prior accident years. Our statutory combined ratio was 95.6% for the first three months of 2026. As of February 2026, A.M. Best projected the industry's full-year 2026 statutory combined ratio at approximately 97%, including approximately 8 percentage points of catastrophe losses and a favorable effect of approximately 1 percentage point of loss reserve development on prior accident years. The industry's ratio again excludes its mortgage and financial guaranty lines of business.
•Investment contribution – We believe our investment philosophy and initiatives can drive investment income growth and lead to a total return on our equity investment portfolio over a five-year period that exceeds the five-year return of the Standard & Poor's 500 Index. For the first three months of 2026, pretax investment income was $318 million, up 14% compared with the same period in 2025. We believe our investment portfolio mix provides an appropriate balance of income stability and growth with capital appreciation potential.

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Financial Strength
An important part of our long-term strategy is financial strength, which is described in our 2025 Annual Report on Form 10-K, Item 1, Our Business and Our Strategy, Financial Strength, Page 8. One aspect of our financial strength is prudent use of reinsurance ceded to help manage financial performance variability due to catastrophe loss experience. A description of how we use reinsurance ceded is included in our 2025 Annual Report on Form 10-K, Item 7, Liquidity and Capital Resources, 2026 Reinsurance Ceded Programs, Page 102. Another aspect of our financial strength is our investment portfolio, which remains well-diversified as discussed in this quarterly report in Item 3, Quantitative and Qualitative Disclosures About Market Risk. Our strong parent-company liquidity and financial strength increase our flexibility to maintain a cash dividend through all periods and to continue to invest in and expand our insurance operations.

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

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

At April 24, 2026, our insurance subsidiaries continued to be highly rated.
Insurer Financial Strength Ratings
Rating
agency		Standard market property casualty insurance subsidiariesLife insurance
 subsidiary		Excess and surplus lines insurance subsidiaryOutlook
  Rating
tier		 Rating
tier		 Rating
tier		 
A.M. Best Co.
 ambest.com
A+Superior2 of 16A+Superior2 of 16A+Superior2 of 16Stable
Fitch Ratings
 fitchratings.com
AA-Very Strong4 of 21AA-Very Strong4 of 21---Stable
Moody's Investors  Service
 moodys.com
A1Good5 of 21------Stable
S&P Global  Ratings
 spratings.com
A+Strong5 of 21A+Strong5 of 21---Stable
Cincinnati Financial Corporation First-Quarter 2026 10-Q
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CONSOLIDATED PROPERTY CASUALTY INSURANCE HIGHLIGHTS
Consolidated property casualty insurance results include premiums and expenses for our standard market insurance segments (commercial lines and personal lines), our excess and surplus lines segment, Cincinnati Re® and our London-based global specialty underwriter Cincinnati Global Underwriting Ltd.SM (Cincinnati Global).
(Dollars in millions)Three months ended March 31,
20262025% Change
Earned premiums$2,519$2,26411 
Fee revenues440 
Total revenues2,5232,26811 
Loss and loss expenses from:   
Current accident year before catastrophe losses1,4631,3707 
Current accident year catastrophe losses285608(53)
Prior accident years before catastrophe losses(68)(50)(36)
Prior accident years catastrophe losses(13)(41)68 
Loss and loss expenses1,6671,887(12)
Underwriting expenses7416799 
Underwriting profit (loss)$115$(298)nm
Ratios as a percent of earned premiums:  Pt. Change
    Current accident year before catastrophe losses58.1 %60.5 %(2.4)
    Current accident year catastrophe losses11.3 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 expenses66.2 83.3 (17.1)
Underwriting expenses29.4 30.0 (0.6)
Combined ratio95.6 %113.3 %(17.7)
Combined ratio95.6 %113.3 %(17.7)
Contribution from catastrophe losses and prior years reserve development8.1 22.8 (14.7)
Combined ratio before catastrophe losses and prior years reserve development87.5 %90.5 %(3.0)
 
Our consolidated property casualty insurance operations generated an underwriting profit of $115 million for the first quarter of 2026. The first-quarter 2026 underwriting profit increase of $413 million, compared with an underwriting loss in first-quarter 2025, included a favorable decrease of $295 million in losses from catastrophes, mostly caused by severe weather, partially offset by a slightly lower amount of total favorable reserve development on prior accident years. The change in underwriting profitability for the first quarter of 2026 also included a favorable effect from higher current accident year loss and loss expenses before catastrophe losses that grew slower than earned premiums. For the first three months of 2026, the combined ratio before catastrophe losses and prior years reserve development improved by 3.0 percentage points compared with the same period of 2025.

Underwriting results for the first quarter of 2026 included improved current accident year loss experience before catastrophe losses, as price increases have helped to offset elevated losses reflecting economic or other forms of inflation. When estimating the ultimate cost of total loss and loss expenses, we consider many factors, including trends for inflation, historical paid and reported losses, large loss activity and other data or information for the industry or our company. Due to increased uncertainty regarding ultimate losses, we intend to remain prudent in reserving for estimated ultimate losses until longer-term loss cost trends become more clear. We believe future property casualty underwriting results will continue to benefit from price increases and our ongoing initiatives to improve pricing precision and loss experience related to claims and loss control practices.
For all property casualty lines of business in aggregate, net loss and loss expense reserves at March 31, 2026, were $466 million, or 4%, higher than at year-end 2025, including an increase of $419 million for the incurred but not reported (IBNR) portion.

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

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

The combined ratio can be affected significantly by natural catastrophe losses and other large losses as discussed in detail below. The combined ratio can also be affected by updated estimates of loss and loss expense reserves established for claims that occurred in prior periods, referred to as prior accident years. Net favorable development on prior accident year reserves, including reserves for catastrophe losses, benefited the combined ratio by 3.2 percentage points in the first three months of 2026, compared with 4.0 percentage points in the same period of 2025. Net favorable development is discussed in further detail in Financial Results by property casualty insurance segment.
 
The ratio for current accident year loss and loss expenses before catastrophe losses improved in the first three months of 2026. That 58.1% ratio was 2.4 percentage points lower, compared with the 60.5% accident year 2025 ratio measured as of March 31, 2025, including a decrease of 1.0 points in the ratio for large losses of $2 million or more per claim, discussed below. The ratio improvement of 2.4 percentage points included an increase of 0.3 points for the IBNR portion and a decrease of 2.7 points for the case incurred portion. The improvement also reflected a favorable 1.4 points for the effect of $52 million of net reinstatement premiums in first-quarter 2025 related to the January 2025 wildfires in southern California.
 
The underwriting expense ratio decreased for the first quarter of 2026, compared with the same period a year ago. The decrease was partly due to premium growth outpacing growth in various expenses. The three-month 2026 ratio also included a favorable 0.7 points for the effect of first-quarter 2025 reinstatement premiums. The ratio for both periods also included ongoing expense management efforts.

Consolidated Property Casualty Insurance Premiums
(Dollars in millions)Three months ended March 31,
20262025% Change
Agency renewal written premiums$2,045 $1,912 7 
Agency new business written premiums339 383 (11)
Other written premiums284 200 42 
Net written premiums2,668 2,495 7 
Unearned premium change(149)(231)35 
Earned premiums$2,519 $2,264 11 
 
The trends in net written premiums and earned premiums summarized in the table above include the effects of price increases. Price change trends that heavily influence renewal written premium increases or decreases, along with other premium growth drivers for 2026, are discussed in more detail by segment below in Financial Results.
 
Consolidated property casualty net written premiums for the three months ended March 31, 2026, grew $173 million compared with the same period of 2025. Our premium growth initiatives from prior years have provided an ongoing favorable effect on growth during the current year, particularly as newer agency relationships mature over time.

Consolidated property casualty agency new business written premiums decreased by $44 million for the first three months of 2026, compared with the same period of 2025, due to the personal lines segment. New agency appointments during 2026 and 2025 produced a $19 million increase in new business for the first three months of 2026 compared with the same period of 2025. As we appoint new agencies that choose to move accounts to us, we report these accounts as new business. While this business is new to us, in many cases it is not new to the
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agent. We believe these seasoned accounts tend to be priced more accurately than business that may be less familiar to our agent upon obtaining it from a competing agent.

Net written premiums for Cincinnati Re, included in other written premiums, decreased by $1 million to $254 million for the three months ended March 31, 2026, compared with the same period of 2025. The first three months of 2025 included a favorable $12 million of net reinstatement premiums to reinstate treaties affected by the California wildfires. Cincinnati Re assumes risks through reinsurance treaties and in some cases cedes part of the risk and related premiums to one or more unaffiliated reinsurance companies through transactions known as retrocessions.
 
Cincinnati Global is also included in other written premiums. Net written premiums for Cincinnati Global increased by $23 million to $98 million for the three months ended March 31, 2026, compared with the same period of 2025.

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

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

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

Consolidated Property Casualty Insurance Catastrophe Losses and Loss Expenses Incurred
(Dollars in millions, net of reinsurance)Three months ended March 31,
  Comm.Pers.E&S 
DatesRegionlineslineslinesOtherTotal
2026 
Jan. 23-29Midwest, Northeast, South$15 $29 $— $2 $46 
Mar. 10-12Midwest, South10 30 — — 40 
Mar. 13-14Midwest, Northeast, South29 34 — — 63 
Mar. 26-27Midwest35 3 — — 38 
All other 2026 catastrophes32 53 1 12 98 
Development on 2025 and prior catastrophes(1)(2)(1)(9)(13)
Calendar year incurred total$120 $147 $— $5 $272 
2025 
Jan. 7-28West$— $325 $— $124 $449 
Mar. 14-17Midwest, Northeast, South42 75 1 — 118 
All other 2025 catastrophes14 23 1 3 41 
Development on 2024 and prior catastrophes(14)(13)(1)(13)(41)
Calendar year incurred total$42 $410 $1 $114 $567 
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The following table includes data for losses incurred of $2 million or more per claim, net of reinsurance.
 
Consolidated Property Casualty Insurance Losses Incurred by Size
(Dollars in millions, net of reinsurance)Three months ended March 31,
20262025% Change
Current accident year losses greater than $5 million$8 $26 (69)
Current accident year losses $2 million - $5 million20 20 0 
Large loss prior accident year reserve development50 56 (11)
Total large losses incurred78 102 (24)
Losses incurred but not reported219 279 (22)
Other losses excluding catastrophe losses838 688 22 
Catastrophe losses266 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 million0.3 %1.2 %(0.9)
Current accident year losses $2 million - $5 million0.8 0.9 (0.1)
Large loss prior accident year reserve development2.0 2.4 (0.4)
Total large loss ratio3.1 4.5 (1.4)
Losses incurred but not reported8.7 12.3 (3.6)
Other losses excluding catastrophe losses33.2 30.4 2.8 
Catastrophe losses10.6 24.6 (14.0)
Total loss ratio55.6 %71.8 %(16.2)
 
We believe the inherent variability of aggregate loss experience for our portfolio of larger policies is greater than that of our portfolio of smaller policies, and we continue to monitor the variability in addition to general inflationary trends in loss costs. Our analysis continues to indicate no unexpected concentration of large losses and case reserve increases by risk category, geographic region, policy inception, agency or field marketing territory. The first-quarter 2026 property casualty total large losses incurred of $78 million, net of reinsurance, was lower than the $111 million quarterly average during full-year 2025 and the $102 million experienced for the first quarter of 2025. The ratio for these large losses was 1.4 percentage points lower compared with last year's first quarter. We believe results for the three-month period largely reflected normal fluctuations in loss patterns and normal variability in large case reserves for claims above $2 million. Losses by size are discussed in further detail in results of operations by property casualty insurance segment.
FINANCIAL RESULTS
Consolidated results reflect the operating results of each of our five segments along with the parent company, Cincinnati Re, Cincinnati Global and other activities reported as "Other." The five segments are:
•Commercial lines insurance
•Personal lines insurance
•Excess and surplus lines insurance
•Life insurance
•Investments

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COMMERCIAL LINES INSURANCE RESULTS
(Dollars in millions)Three months ended March 31,
20262025% Change
Earned premiums$1,241 $1,179 5 
Fee revenues1 2 (50)
Total revenues1,242 1,181 5 
Loss and loss expenses from:   
Current accident year before catastrophe losses779 722 8 
Current accident year catastrophe losses121 56 116 
Prior accident years before catastrophe losses(52)(29)(79)
Prior accident years catastrophe losses(1)(14)93 
Loss and loss expenses847 735 15 
Underwriting expenses377 349 8 
Underwriting profit$18 $97 (81)
Ratios as a percent of earned premiums:  Pt. Change
Current accident year before catastrophe losses62.8 %61.1 %1.7 
Current accident year catastrophe losses9.7 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 expenses68.2 62.3 5.9 
Underwriting expenses30.4 29.6 0.8 
Combined ratio98.6 %91.9 %6.7 
Combined ratio98.6 %91.9 %6.7 
Contribution from catastrophe losses and prior years reserve development5.4 1.2 4.2 
Combined ratio before catastrophe losses and prior years reserve development93.2 %90.7 %2.5 
 
Overview
Performance highlights for the commercial lines segment include:
•Premiums – Earned premiums and net written premiums for the commercial lines segment grew during the first three months of 2026, compared with the same period a year ago, primarily due to agency renewal written premium growth that continued to include higher average pricing. The table below analyzes the primary components of premiums. We continue to use predictive analytics tools to improve pricing precision and segmentation while leveraging our local relationships with agents through the efforts of our teams that work closely with them. We seek to maintain appropriate pricing discipline for both new and renewal business as our agents and underwriters assess account quality to make careful decisions on a policy-by-policy basis whether to write or renew a policy.
Agency renewal written premiums increased 3% for the first three months of 2026, compared with the same period of 2025, including price increases. During the first quarter of 2026, our overall standard commercial lines policies averaged estimated renewal price increases at percentages near the high end of the low-single-digit range. We continue to segment commercial lines policies, emphasizing identification and retention of those we believe have relatively stronger pricing. Conversely, we continue to maintain stricter renewal terms and conditions on policies we believe have relatively weaker pricing, thus retaining fewer of those policies. We measure average changes in commercial lines renewal pricing as the percentage rate of change in renewal premium for the new policy period compared with the premium for the expiring policy period, assuming no change in the level of insured exposures or policy coverage between those periods for the respective policies.
Our average overall commercial lines renewal pricing change includes the impact of flat pricing for certain coverages within package policies written for a three-year term that were in force but did not expire during the period being measured. Therefore, our reported change in average commercial lines renewal pricing reflects a blend of three-year policies that did not expire and other policies that did expire during the
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measurement period. For commercial lines policies that did expire and were then renewed during the first quarter of 2026, we estimate that our average percentage price increases were in the mid-single-digit range for our commercial casualty, commercial property and commercial auto lines of business. The estimated average percentage price change for workers' compensation was a decrease in the mid-single-digit range.
Our commercial lines segment's increase in agency renewal written premiums for the first three months of 2026 also included changes in the level of insured exposures. Part of the insured exposure increase reflects our response to inflation effects that increase the cost of building materials to repair damaged commercial structures.
Renewal premiums for certain policies, primarily our commercial casualty and workers' compensation lines of business, include the results of policy audits that adjust initial premium amounts based on differences between estimated and actual sales or payroll related to a specific policy. Audits completed during the first three months of 2026 contributed $18 million to net written premiums, compared with $23 million for the same period of 2025.
New business written premiums for commercial lines increased $2 million for the first three months of 2026, compared with the same period of 2025, as we continued to carefully underwrite each policy in a highly competitive market. Trend analysis for year-over-year comparisons of individual quarters is more difficult to assess for commercial lines new business written premiums, due to inherent variability. That variability is often driven by larger policies with annual premiums greater than $100,000.
Other written premiums include premiums ceded to reinsurers as part of our reinsurance ceded program. For our commercial lines insurance segment, an increase in ceded premiums decreased net written premiums by approximately $1 million for the first three months of 2026, compared with the same period of 2025.

Commercial Lines Insurance Premiums
(Dollars in millions)Three months ended March 31,
20262025% Change
Agency renewal written premiums$1,184 $1,152 3 
Agency new business written premiums205 203 1 
Other written premiums(30)(30)0 
Net written premiums1,359 1,325 3 
Unearned premium change(118)(146)19 
Earned premiums$1,241 $1,179 5 
 
•Combined ratio – The first-quarter 2026 commercial lines combined ratio increased by 6.7 percentage points, compared with the first quarter of 2025, including an increase of 6.0 points in losses from catastrophes. The first-quarter combined ratio increased by 1.7 points from current accident year loss and loss expenses before catastrophe losses, including an increase of 3.0 points for the IBNR portion and a decrease of 1.3 points for the case incurred portion. Underwriting results also included favorable reserve development on prior accident years, as discussed below. The current accident year ratios were measured as of March 31 of the respective years and included a decrease of 1.4 percentage points for the first three months of 2026 in the ratio for large losses of $2 million or more per claim, discussed below.
Catastrophe losses and loss expenses accounted for 9.6 percentage points of the combined ratio for the first three months of 2026, compared with 3.6 percentage points for the same period a year ago. Through 2025, the 10-year annual average for that catastrophe measure for the commercial lines segment was 5.9 percentage points, and the five-year annual average was 5.3 percentage points.
The net effect of reserve development on prior accident years during the first three months of 2026 was favorable for commercial lines overall by $53 million, compared with $43 million for the same period in 2025. For the first three months of 2026, our commercial property and workers' compensation lines of business were the main contributors to the commercial lines net favorable reserve development. The net favorable reserve development recognized during the first three months of 2026 for our commercial lines insurance segment was mainly for accident years 2025 and 2024 and was primarily due to lower-than-anticipated loss emergence on known claims. Our commercial casualty line of business included $3 million of favorable reserve development on prior accident years for the first three months of 2026 while commercial auto included $2 million of unfavorable reserve development. Reserve estimates are inherently uncertain as described in our 2025 Annual Report on Form 10-K, Item 7, Critical Accounting Estimates, Property Casualty Insurance Loss and Loss Expense Reserves, Page 50.
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The commercial lines underwriting expense ratio increased for the first three months of 2026, compared with the same period a year ago. The increase was largely due to an increase in profit-sharing commissions for agencies. The ratio for both periods also included ongoing expense management efforts.

Commercial Lines Insurance Losses Incurred by Size
(Dollars in millions, net of reinsurance)Three months ended March 31,
20262025% Change
Current accident year losses greater than $5 million$— $7 (100)
Current accident year losses $2 million - $5 million5 15 (67)
Large loss prior accident year reserve development35 44 (20)
Total large losses incurred40 66 (39)
Losses incurred but not reported94 163 (42)
Other losses excluding catastrophe losses441 318 39 
Catastrophe losses117 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 million0.4 1.2 (0.8)
Large loss prior accident year reserve development2.8 3.8 (1.0)
Total large loss ratio3.2 5.6 (2.4)
Losses incurred but not reported7.6 13.9 (6.3)
Other losses excluding catastrophe losses35.5 26.8 8.7 
Catastrophe losses9.5 3.4 6.1 
Total loss ratio55.8 %49.7 %6.1 

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

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PERSONAL LINES INSURANCE RESULTS
(Dollars in millions)Three months ended March 31,
20262025% Change
Earned premiums$873 $698 25 
Fee revenues2 1 100 
Total revenues875 699 25 
Loss and loss expenses from:   
Current accident year before catastrophe losses465 442 5 
Current accident year catastrophe losses149 423 (65)
Prior accident years before catastrophe losses(5)(6)17 
Prior accident years catastrophe losses(2)(13)85 
Loss and loss expenses607 846 (28)
Underwriting expenses238 210 13 
Underwriting profit (loss)$30 $(357)nm
Ratios as a percent of earned premiums:  Pt. Change
Current accident year before catastrophe losses53.2 %63.3 %(10.1)
Current accident year catastrophe losses17.1 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 expenses69.5 121.2 (51.7)
Underwriting expenses27.3 30.1 (2.8)
Combined ratio96.8 %151.3 %(54.5)
Combined ratio96.8 %151.3 %(54.5)
Contribution from catastrophe losses and prior years reserve development16.3 57.9 (41.6)
Combined ratio before catastrophe losses and prior years reserve development80.5 %93.4 %(12.9)

Overview
Performance highlights for the personal lines segment include:
•Premiums – Personal lines earned premiums and net written premiums continued to grow during the first three months of 2026, primarily due to agency renewal written premium growth that included higher average pricing. The table below analyzes the primary components of premiums.
Agency renewal written premiums increased 15% for the first three months of 2026, reflecting rate increases in selected states, a higher level of insured exposures and other factors such as changes in policy deductibles or mix of business. Part of the insured exposure increase reflects our response to inflation effects that increase the cost of building materials used to repair damaged homes.
We estimate that premium rates for our personal auto and homeowner lines of business increased at average percentages in the high-single-digit range during the first three months of 2026. For both our personal auto and homeowner lines of business, some individual policies experienced lower or higher rate changes based on each risk's specific characteristics and enhanced pricing precision enabled by predictive models.
Personal lines new business written premiums decreased $51 million or 40% for the first three months of 2026, compared with the same period of 2025. We believe we maintained underwriting and pricing discipline as we continued to carefully underwrite each policy in a highly competitive market.
Other written premiums include premiums ceded to reinsurers as part of our reinsurance ceded program. For our personal lines insurance segment, a decrease in 2026 ceded premiums increased net written premiums by approximately $62 million for the first three months of 2026, compared with the same period of 2025. Ceded premiums for the first three months of 2025 included a net amount of $64 million for reinsurance reinstatement premiums related to the January 2025 wildfires in southern California.
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Personal Lines Insurance Premiums
(Dollars in millions)Three months ended March 31,
20262025% Change
Agency renewal written premiums$726 $634 15 
Agency new business written premiums76 127 (40)
Other written premiums(27)(89)70 
Net written premiums775 672 15 
Unearned premium change98 26 277 
Earned premiums$873 $698 25 
 
•Combined ratio – Our personal lines combined ratio for the first quarter of 2026 improved by 54.5 percentage points, compared with first-quarter 2025, including a decrease of 41.9 points in losses from catastrophes. The first-quarter 2026 combined ratio improvement also included a decrease of 10.1 percentage points from current accident year loss and loss expenses before catastrophe losses, including a decrease of 4.4 points for the IBNR portion and a decrease of 5.7 points for the case incurred portion. The three-month 2025 current accident year ratio before catastrophe losses included an unfavorable 5.3 points for the effect of reinstatement premiums. The total current accident year ratios before catastrophe losses were measured as of March 31 of the respective years and included a decrease of 0.8 percentage points for the first three months of 2026 in the ratio for large losses of $2 million or more per claim, discussed below.
Catastrophe losses and loss expenses accounted for 16.8 percentage points of the combined ratio for the first three months of 2026, compared with 58.7 points for the same period a year ago. The 10-year annual average catastrophe loss ratio for the personal lines segment through 2025 was 14.0 percentage points, and the five-year annual average was 15.8 percentage points.
In addition to the average rate increases discussed above, we continue to refine our pricing to better match premiums to the risk of loss on individual policies. Improved pricing precision and broad-based rate increases are expected to help position the combined ratio at a profitable level over the long term. In addition, greater geographic diversification is expected to reduce the volatility of homeowner loss ratios attributable to weather-related catastrophe losses over time.
The net effect of reserve development on prior accident years during the first quarter of 2026 was favorable by $7 million, compared with $19 million for the same period of 2025. Our homeowner line of business was the main contributor to the personal lines net favorable reserve development for the first three months of 2026. The net favorable reserve development was primarily due to lower-than-anticipated loss emergence on known claims. Reserve estimates are inherently uncertain as described in our 2025 Annual Report on Form 10-K, Item 7, Critical Accounting Estimates, Property Casualty Insurance Loss and Loss Expense Reserves, Page 50.
The personal lines underwriting expense ratio decreased for the first three months of 2026, compared with the same period a year ago. The decrease was partly due to growth in premiums outpacing growth in various expenses. The three-month 2025 ratio also included an unfavorable 2.5 points for the effect of reinstatement premiums. The ratio for both periods also included ongoing expense management efforts.
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Personal Lines Insurance Losses Incurred by Size
(Dollars in millions, net of reinsurance)Three months ended March 31,
20262025% Change
Current accident year losses greater than $5 million$8 $19 (58)
Current accident year losses $2 million - $5 million15 5 200 
Large loss prior accident year reserve development15 12 25 
Total large losses incurred38 36 6 
Losses incurred but not reported71 74 (4)
Other losses excluding catastrophe losses282 254 11 
Catastrophe losses144 405 (64)
Total losses incurred$535 $769 (30)
Ratios as a percent of earned premiums:  Pt. Change
Current accident year losses greater than $5 million0.9 %2.8 %(1.9)
Current accident year losses $2 million - $5 million1.8 0.7 1.1 
Large loss prior accident year reserve development1.8 1.8 0.0 
Total large loss ratio4.5 5.3 (0.8)
Losses incurred but not reported8.1 10.5 (2.4)
Other losses excluding catastrophe losses32.3 36.4 (4.1)
Catastrophe losses16.4 57.9 (41.5)
Total loss ratio61.3 %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
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EXCESS AND SURPLUS LINES INSURANCE RESULTS
(Dollars in millions)Three months ended March 31,
20262025% Change
Earned premiums$180 $162 11 
Fee revenues1 1 0 
Total revenues181 163 11 
Loss and loss expenses from:   
Current accident year before catastrophe losses117 106 10 
Current accident year catastrophe losses1 2 (50)
Prior accident years before catastrophe losses(7)(8)13 
Prior accident years catastrophe losses(1)(1)0 
Loss and loss expenses110 99 11 
Underwriting expenses50 44 14 
Underwriting profit$21 $20 5 
Ratios as a percent of earned premiums:  Pt. Change
Current accident year before catastrophe losses64.6 %65.6 %(1.0)
Current accident year catastrophe losses1.1 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 expenses61.2 60.9 0.3 
Underwriting expenses28.1 27.4 0.7 
Combined ratio89.3 %88.3 %1.0 
Combined ratio89.3 %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 development92.7 %93.0 %(0.3)
 
Overview
Performance highlights for the excess and surplus lines segment include:
•Premiums – Excess and surplus lines earned premiums and net written premiums continued to grow during the first three months of 2026, compared with the same period a year ago, including increases in both agency renewal and new business written premiums. Renewal written premiums rose 7% for the three months ended March 31, 2026, compared with the same period of 2025, largely due to higher renewal pricing. For the first three months of 2026, excess and surplus lines policy renewals experienced estimated average price increases at percentages in the mid-single-digit range. We measure average changes in excess and surplus lines renewal pricing as the percentage rate of change in renewal premium for the new policy period compared with the premium for the expiring policy period, assuming no change in the level of insured exposures or policy coverage between those periods for respective policies.
New business written premiums produced by agencies increased by 9% for the first three months of 2026 compared with the same period of 2025, as we continued to carefully underwrite each policy in a highly competitive market. Some of what we report as new business came from accounts that were not new to our agents. We believe our agents' seasoned accounts tend to be priced more accurately than business that may be less familiar to them.
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Excess and Surplus Lines Insurance Premiums
(Dollars in millions)Three months ended March 31,
20262025% Change
Agency renewal written premiums$135 $126 7 
Agency new business written premiums58 53 9 
Other written premiums(11)(11)0 
Net written premiums182 168 8 
Unearned premium change(2)(6)67 
Earned premiums$180 $162 11 
 
•Combined ratio – The excess and surplus lines combined ratio increased by 1.0 percentage points for the first three months of 2026, compared with the same period of 2025. The increase was primarily due to a lower level of favorable reserve development on prior accident year loss and loss expenses for the three months ended March 31, 2026, compared with the first three months of 2025.
The 64.6% first-quarter 2026 ratio for current accident year loss and loss expenses before catastrophe losses was 1.0 percentage points lower, compared with the 65.6% accident year 2025 ratio measured as of March 31, 2025, including a decrease of 0.4 points for the IBNR portion and a decrease of 0.6 points for the case incurred portion.
Excess and surplus lines net reserve development on prior accident years, as a ratio to earned premiums, was favorable by 4.5% for the first three months of 2026, compared with 5.5% for the same period of 2025. Reserve estimates are inherently uncertain as described in our 2025 Annual Report on Form 10-K, Item 7, Critical Accounting Estimates, Property Casualty Insurance Loss and Loss Expense Reserves, Page 50.
The excess and surplus lines underwriting expense ratio increased for the first three months of 2026 compared with the same period a year ago, primarily due to an increase in commission expenses. The ratio also included ongoing expense management efforts and premium growth.
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Excess and Surplus Lines Insurance Losses Incurred by Size
(Dollars in millions, net of reinsurance)Three months ended March 31,
20262025% 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 reported38 46 (17)
Other losses excluding catastrophe losses40 24 67 
Catastrophe losses1 — 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 reported20.8 28.1 (7.3)
Other losses excluding catastrophe losses22.1 14.8 7.3 
Catastrophe losses0.7 0.2 0.5 
Total loss ratio43.6 %43.1 %0.5 
 
We continue to monitor new losses and case reserve increases greater than $2 million for trends in factors such as initial reserve levels, loss cost inflation and claim settlement expenses. Our analysis continues to indicate no unexpected concentration of these large losses and case reserve increases by risk category, geographic region, policy inception, agency or field marketing territory. In the first quarter of both 2026 and 2025, our excess and surplus lines insurance segment had no large losses of $2 million or more per claim.
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LIFE INSURANCE RESULTS
(Dollars in millions)Three months ended March 31,
20262025% Change
Earned premiums$85 $80 6 
Fee revenues1 1 0 
Total revenues86 81 6 
Contract holders' benefits incurred84 81 4 
Investment interest credited to contract holders(32)(32)0 
Underwriting expenses incurred23 23 0 
Total benefits and expenses75 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,
20262025% Change
Term life insurance$61 $57 7 
Whole life insurance14 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
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invested assets, the life insurance subsidiary reported net income of $26 million for the three months ended March 31, 2026, compared with $21 million for the three months ended March 31, 2025. The life insurance subsidiary portfolio had net after-tax investment losses of less than $1 million for the three months ended March 31, 2026, compared with $1 million for the three months ended March 31, 2025.

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

Investments Results
(Dollars in millions)Three months ended March 31,
20262025% 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) % YieldPrincipal redemptions
At March 31, 2026
Fixed-maturity pretax yield profile:
Expected to mature during the remainder of 20264.76 %$670 
Expected to mature during 20274.99 987 
Expected to mature during 20285.51 1,183 
Average yield and total expected maturities from the remainder of 2026 through 20285.15 $2,840 

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The table below shows the average pretax yield-to-amortized cost for fixed-maturity securities acquired during the periods indicated. The average yield-to-amortized cost for total fixed-maturity securities acquired during the first three months of 2026 was higher than the 5.11% average yield-to-amortized cost of the fixed-maturity securities portfolio at the end of 2025. Our fixed-maturity portfolio's average yield-to-amortized cost of 5.02% for the first three months of 2026, from the investment income table below, was lower than the 5.11% yield-to-amortized cost for the year-end 2025 fixed-maturities portfolio.
Three months ended March 31,
20262025
Average pretax yield-to-amortized cost on new fixed-maturities:
Acquired taxable fixed-maturities5.43 %5.91 %
Acquired tax-exempt fixed-maturities4.43 4.40 
Average total fixed-maturities acquired5.37 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,
20262025% Change
Investment income:   
Interest$235 $210 12 
Dividends76 67 13 
Other12 7 71 
Less investment expenses5 4 25 
Investment income, pretax318 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 pretax3.80 %3.74 %
Average yield after-tax3.14 3.10 
Effective tax rate17.2 17.2 
Fixed-maturity returns:
Average amortized cost$18,724 $17,071 
Average yield pretax5.02 %4.92 %
Average yield after-tax4.10 4.02 
Effective tax rate18.4 18.3 
 
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Total Investment Gains and Losses
Investment gains and losses are recognized on the sale of investments, for certain changes in fair values of securities even though we continue to hold the securities or as otherwise required by GAAP. The change in fair value for equity securities still held is included in investment gains and losses and also in net income. The change in unrealized gains or losses for fixed-maturity securities is included as a component of other comprehensive income (OCI). Accounting requirements for the allowance for credit losses for the fixed-maturity portfolio are disclosed in our 2025 Annual Report on Form 10-K, Item 8, Note 1, Summary of Significant Accounting Policies, Page 124.
 
The table below summarizes total investment gains and losses, before taxes.
(Dollars in millions)Three months ended March 31,
20262025
Investment gains and losses:
Equity securities:
Investment gains and losses on securities sold, net$33 $(1)
Unrealized gains and losses on securities still held, net(104)(71)
Subtotal(71)(72)
Fixed maturities:
Gross realized gains2 — 
Gross realized losses(1)— 
Change in allowance for credit losses, net(1)(2)
Subtotal— (2)
Other 1 7 
Total investment gains and losses reported in net income(70)(67)
Change in unrealized investment gains and losses:
Fixed maturities(220)67 
Total$(290)$— 

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

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

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

Other income (loss) in the table below represents profit before income taxes. For the first three months of 2026, total other income was driven by underwriting profit from Cincinnati Re and Cincinnati Global. For the first three months of 2025, total other loss resulted from an underwriting loss from Cincinnati Re and interest expense from debt of the parent company.
(Dollars in millions)Three months ended March 31,
20262025% Change
Interest and fees on loans and leases$3 $3 0 
Earned premiums225 225 0 
Other revenues3 1 200 
Total revenues231 229 1 
Interest expense13 13 0 
Loss and loss expenses103 207 (50)
Underwriting expenses76 76 0 
Operating expenses9 11 (18)
Total expenses201 307 (35)
 Total other income (loss)$30 $(78)nm
 
TAXES
We had $52 million of income tax expense for the three months ended March 31, 2026, compared with $38 million of income tax benefit for the same period of 2025. The effective tax rate for the three months ended March 31, 2026, was 16.0% compared with 29.7% for the same period last year. The change in our effective tax rate between periods was primarily due to changes in underwriting income, changes in our net investment gains and losses and investment income.

Historically, we have pursued a strategy of investing some portion of cash flow in tax-advantaged, fixed-maturity and equity securities to minimize our overall tax liability and maximize after-tax earnings. See Tax-Exempt Fixed Maturities in this quarterly report Item 3, Quantitative and Qualitative Disclosures About Market Risk for further discussion on municipal bond purchases in our fixed-maturity investment portfolio. For tax years after 2017, for our property casualty insurance subsidiaries, approximately 75% of interest from tax-advantaged, fixed-maturity investments and approximately 40% of dividends from qualified equities are exempt from federal tax after applying proration. For our noninsurance companies, the dividend received deduction exempts 50% of dividends from qualified equities. Our life insurance company does not own tax-advantaged, fixed-maturity investments or equities subject to the dividend received deduction. Details about our effective tax rate are in this quarterly report Item 1, Note 9, Income Taxes.
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LIQUIDITY AND CAPITAL RESOURCES
At March 31, 2026, shareholders' equity was $15.714 billion, compared with $15.911 billion at December 31, 2025. Total debt was $816 million at March 31, 2026, relatively unchanged from $815 million at December 31, 2025. At March 31, 2026, cash and cash equivalents totaled $1.210 billion, compared with $1.431 billion at December 31, 2025.

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

SOURCES OF LIQUIDITY
 
Subsidiary Dividends
Our lead insurance subsidiary declared dividends of $200 million to the parent company in the first three months of 2026, compared with no dividends declared for the same period of 2025. For full-year 2025, our lead insurance subsidiary paid dividends totaling $550 million to the parent company. State of Ohio regulatory requirements restrict the dividends our insurance subsidiary can pay. For full-year 2026, total dividends that our insurance subsidiary can pay to our parent company without regulatory approval are approximately $975 million.
 
Investing Activities
Investment income is a source of liquidity for both the parent company and its insurance subsidiaries. We continue to focus on portfolio strategies to balance near-term income generation and long-term book value growth.
 
Parent company obligations can be funded with income on investments held at the parent-company level or through sales of securities in that portfolio, although our investment philosophy seeks to compound cash flows over the long term. These sources of capital can help minimize subsidiary dividends to the parent company, protecting insurance subsidiary capital.

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,
20262025% 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 underwriting308 (46)nm
Investment income received229 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.
 
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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.
 
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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.

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Property Casualty Gross Reserves
(Dollars in millions)Loss reservesLoss expense reservesTotal gross reserves 
Case reservesIBNR reservesPercent of total
At March 31, 2026
Commercial lines insurance:     
Commercial casualty$1,209 $1,788 $925 $3,922 33.0 %
Commercial property216 290 114 620 5.2 
Commercial auto447 482 190 1,119 9.4 
Workers' compensation371 593 109 1,073 9.0 
Other commercial 175 72 201 448 3.8 
Subtotal2,418 3,225 1,539 7,182 60.4 
Personal lines insurance:     
Personal auto321 182 141 644 5.4 
Homeowner350 298 137 785 6.6 
Other personal136 276 11 423 3.6 
Subtotal807 756 289 1,852 15.6 
Excess and surplus lines412 583 359 1,354 11.4 
Cincinnati Re225 1,014 10 1,249 10.5 
Cincinnati Global107 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 property210 195 109 514 4.5 
Commercial auto448 455 185 1,088 9.5 
Workers' compensation369 595 101 1,065 9.3 
Other commercial 172 73 193 438 3.8 
Subtotal2,445 3,054 1,493 6,992 61.1 
Personal lines insurance:     
Personal auto314 152 135 601 5.2 
Homeowner330 235 130 695 6.1 
Other personal120 259 10 389 3.4 
Subtotal764 646 275 1,685 14.7 
Excess and surplus lines407 544 348 1,299 11.4 
Cincinnati Re218 1,003 8 1,229 10.7 
Cincinnati Global111 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.
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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, 2026At December 31, 2025
Cost or 
amortized cost 		Percent 
of total		Fair valuePercent 
of total		Cost or 
amortized cost 		Percent of totalFair valuePercent
of total
Taxable fixed maturities$14,765 63.0 %$14,469 46.4 %$14,134 62.5 %$14,010 45.2 %
Tax-exempt fixed maturities4,181 17.9 4,076 13.1 4,170 18.4 4,113 13.3 
Common equities4,071 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 investments49 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
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, 2026At December 31, 2025
Weighted average yield-to-amortized cost5.13 %5.11 %
Weighted average maturity11.4yrs10.9yrs
Effective duration5.9yrs5.6yrs
 
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
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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, 2026At December 31, 2025
Investment-grade corporate$9,833 $9,505 
Government-sponsored enterprises2,511 2,359 
States, municipalities and political subdivisions798 806 
Asset-backed766 797 
United States government331 313 
Noninvestment-grade corporate202 206 
Foreign government28 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
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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
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Common Stock Portfolio Sector Distribution
 Percent of common stock portfolio
 At March 31, 2026At December 31, 2025
Cincinnati
 Financial		S&P 500
Weightings		Cincinnati
Financial		S&P 500
Weightings
Sector:    
Information technology30.9 %32.9 %35.4 %34.4 %
Industrials15.0 9.0 14.4 8.2 
Financial13.4 12.6 13.0 13.4 
Healthcare9.8 9.5 10.0 9.6 
Consumer discretionary7.6 9.9 7.3 10.4 
Consumer staples6.8 5.3 6.5 4.7 
Energy5.8 4.0 4.2 2.8 
Materials3.9 2.1 3.3 1.8 
Utilities3.3 2.5 3.0 2.3 
Real estate2.2 1.9 1.9 1.8 
Telecomm services1.3 10.3 1.0 10.6 
Total100.0 %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
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 months12 months or moreTotal
At March 31, 2026Fair valueUnrealized
 losses		Fair valueUnrealized
 losses		Fair
 value		Unrealized
 losses
Fixed-maturity:      
Corporate $3,031 $55 $2,767 $219 $5,798 $274 
States, municipalities and political subdivisions808 7 2,319 214 3,127 221 
Government-sponsored enterprises2,018 23 97 2 2,115 25 
Asset-backed157 3 185 7 342 10 
United States government126 1 20 1 146 2 
Foreign government15 — — — 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 subdivisions204 2 2,346 179 2,550 181 
Government-sponsored enterprises983 3 195 1 1,178 4 
Asset-backed101 2 184 6 285 8 
United States government69 — 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
The following table summarizes the investment portfolio by severity of decline:
(Dollars in millions)Number
of issues		Amortized
cost		Fair valueGross unrealized 
gain (loss)		Gross investment income
At March 31, 2026
Taxable fixed maturities:
Fair valued below 70% of amortized cost8 $23 $14 $(9)$— 
Fair valued at 70% to less than 100% of amortized cost1,759 9,477 9,079 (398)112 
Fair valued at 100% and above of amortized cost1,032 5,265 5,376 111 77 
Investment income on securities sold in current year— — — — 7 
Total2,799 14,765 14,469 (296)196 
Tax-exempt fixed maturities:     
Fair valued below 70% of amortized cost9 12 7 (5)— 
Fair valued at 70% to less than 100% of amortized cost1,580 2,563 2,443 (120)21 
Fair valued at 100% and above of amortized cost1,052 1,606 1,626 20 17 
Investment income on securities sold in current year— — — — — 
Total2,641 4,181 4,076 (105)38 
Fixed-maturities summary:     
Fair valued below 70% of amortized cost17 35 21 (14)— 
Fair valued at 70% to less than 100% of amortized cost3,339 12,040 11,522 (518)133 
Fair valued at 100% and above of amortized cost2,084 6,871 7,002 131 94 
Investment income on securities sold in current year— — — — 7 
Total5,440 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 cost2 49 49 — — 
Investment income on securities sold in current year— — — — 5 
Total2 49 49 — 5 
Fixed maturities and short-term investments summary:     
Fair valued below 70% of cost17 35 21 (14)— 
Fair valued at 70% to less than 100% of cost3,339 12,040 11,522 (518)133 
Fair valued at 100% and above of cost2,086 6,920 7,051 131 94 
Investment income on securities sold in current year— — — — 12 
Total5,442 $18,995 $18,594 $(401)$239 
At December 31, 2025     
Fixed maturities and short-term investments summary:     
Fair valued below 70% of amortized cost13 $30 $17 $(13)$1 
Fair valued at 70% to less than 100% of amortized cost2,584 8,244 7,860 (384)311 
Fair valued at 100% and above of amortized cost2,761 10,178 10,394 216 440 
Investment income on securities sold in current year— — — — 126 
Total5,358 $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
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
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
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.
PeriodTotal 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, 20261,083,618 $164.93 1,083,618 3,176,650 
Totals1,083,618 164.93 1,083,618  
Cincinnati Financial Corporation First-Quarter 2026 10-Q
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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
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Table of Contents
Item 6.    Exhibits
Exhibit No.Exhibit Description
3.1
3.2
4.8
31A
31B
32
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.SCHXBRL Taxonomy Extension Schema Document
101.CALXBRL Taxonomy Extension Calculation Linkbase Document
101.DEFXBRL Taxonomy Extension Definition Linkbase Document
101.LABXBRL Taxonomy Extension Label Linkbase Document
101.PREXBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
 
Cincinnati Financial Corporation First-Quarter 2026 10-Q
Page 70
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

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