CINCINNATI FINANCIAL CORP 10-Q

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, 2025 2024 Assets Investments Fixed maturities, at fair value (amortized cost: 2025—$ 17,009 ; 2024—$ 16,735 ) $ 16,523 $ 16,182 Equity securities, at fair value (cost: 2025—$ 3,964 ; 2024—$ 3,953 ) 11,118 11,185 Short-term investments, at fair value (amortized cost: 2025—$ 100 ; 2024—$ 298 ) 100 298 Other invested assets 740 713 Total investments 28,481 28,378 Cash and cash equivalents 1,010 983 Investment income receivable 224 222 Finance receivable 122 120 Premiums receivable 3,163 2,969 Reinsurance recoverable 808 523 Prepaid reinsurance premiums 93 70 Deferred policy acquisition costs 1,297 1,242 Land, building and equipment, net, for company use (accumulated depreciation: 2025—$ 354 ; 2024—$ 347 ) 216 214 Other assets 903 828 Separate accounts 959 952 Total assets $ 37,276 $ 36,501 Liabilities Insurance reserves Loss and loss expense reserves $ 10,780 $ 10,003 Life policy and investment contract reserves 2,968 2,960 Unearned premiums 5,068 4,813 Other liabilities 1,416 1,487 Deferred income tax 1,489 1,476 Note payable 25 25 Long-term debt and lease obligations 853 850 Separate accounts 959 952 Total liabilities 23,558 22,566 Commitments and contingent liabilities (Note 12) Shareholders' Equity Common stock, par value—$ 2 per share; (authorized: 2025 and 2024— 500 million shares; issued: 2025 and 2024— 198.3 million shares) 397 397 Paid-in capital 1,511 1,502 Retained earnings 14,644 14,869 Accumulated other comprehensive loss ( 271 ) ( 309 ) Treasury stock at cost (2025— 42.0 million shares and 2024— 41.9 million shares) ( 2,563 ) ( 2,524 ) Total shareholders' equity 13,718 13,935 Total liabilities and shareholders' equity $ 37,276 $ 36,501 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements. Cincinnati Financial Corporation First-Quarter 2025 10-Q Page 3 Table of Contents Cincinnati Financial Corporation and Subsidiaries Condensed Consolidated Statements of Income (Dollars in millions, except per share data) Three months ended March 31, 2025 2024 Revenues Earned premiums $ 2,344 $ 2,071 Investment income, net of expenses 280 245 Investment gains and losses, net ( 67 ) 612 Fee revenues 5 4 Other revenues 4 3 Total revenues 2,566 2,935 Benefits and Expenses Insurance losses and contract holders' benefits 1,968 1,349 Underwriting, acquisition and insurance expenses 702 616 Interest expense 13 13 Other operating expenses 11 4 Total benefits and expenses 2,694 1,982 Income (Loss) Before Income Taxes ( 128 ) 953 Provision (Benefit) for Income Taxes Current ( 42 ) 61 Deferred 4 137 Total provision (benefit) for income taxes ( 38 ) 198 Net Income (Loss) $ ( 90 ) $ 755 Per Common Share Net income (loss) — basic $ ( 0.57 ) $ 4.82 Net income (loss) — diluted ( 0.57 ) 4.78 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements. Cincinnati Financial Corporation First-Quarter 2025 10-Q Page 4 Table of Contents Cincinnati Financial Corporation and Subsidiaries Condensed Consolidated Statements of Comprehensive Income (Dollars in millions) Three months ended March 31, 2025 2024 Net Income (Loss) $ ( 90 ) $ 755 Other Comprehensive Income (Loss) Change in unrealized gains and losses on investments, net of tax (benefit) of $ 14 and $( 11 ), respectively 53 ( 44 ) Amortization of pension actuarial loss (gain) and prior service cost, net of tax (benefit) of $ 0 and $ 0 , respectively ( 1 ) — Change in life policy reserves, reinsurance recoverable and other, net of tax (benefit) of $( 3 ) and $ 10 , respectively ( 14 ) 37 Other comprehensive income (loss) 38 ( 7 ) Comprehensive Income (Loss) $ ( 52 ) $ 748 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements. Cincinnati Financial Corporation First-Quarter 2025 10-Q Page 5 Table of Contents Cincinnati Financial Corporation and Subsidiaries Condensed Consolidated Statements of Shareholders' Equity (Dollars in millions) Three months ended March 31, 2025 2024 Common Stock Beginning of period $ 397 $ 397 Share-based awards — — End of period 397 397 Paid-In Capital Beginning of period 1,502 1,437 Share-based awards ( 7 ) ( 6 ) Share-based compensation 15 14 Other 1 1 End of period 1,511 1,446 Retained Earnings Beginning of period 14,869 13,084 Net income (loss) ( 90 ) 755 Dividends declared ( 135 ) ( 127 ) End of period 14,644 13,712 Accumulated Other Comprehensive Loss Beginning of period ( 309 ) ( 435 ) Other comprehensive income (loss) 38 ( 7 ) End of period ( 271 ) ( 442 ) Treasury Stock Beginning of period ( 2,524 ) ( 2,385 ) Share-based awards 6 8 Shares acquired - share repurchase authorization ( 42 ) ( 75 ) Shares acquired - share-based compensation plans ( 3 ) ( 7 ) End of period ( 2,563 ) ( 2,459 ) Total Shareholders' Equity $ 13,718 $ 12,654 (In millions, except per common share) Common Stock - Shares Outstanding Beginning of period 156.4 157.0 Share-based awards 0.2 0.3 Shares acquired - share repurchase authorization ( 0.3 ) ( 0.7 ) Shares acquired - share-based compensation plans — ( 0.1 ) End of period 156.3 156.5 Dividends declared per common share $ 0.87 $ 0.81 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements. Cincinnati Financial Corporation First-Quarter 2025 10-Q Page 6 Table of Contents Cincinnati Financial Corporation and Subsidiaries Condensed Consolidated Statements of Cash Flows (Dollars in millions) Three months ended March 31, 2025 2024 Cash Flows From Operating Activities Net income (loss) $ ( 90 ) $ 755 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and other 47 34 Investment gains and losses, net 74 ( 608 ) Interest credited to contract holders 11 11 Deferred income tax expense 4 137 Changes in: Premiums and reinsurance receivable ( 502 ) ( 203 ) Deferred policy acquisition costs ( 55 ) ( 50 ) Other assets ( 22 ) ( 8 ) Loss and loss expense reserves 777 196 Life policy and investment contract reserves 5 26 Unearned premiums 255 279 Other liabilities ( 135 ) ( 161 ) Current income tax receivable/payable ( 59 ) ( 55 ) Net cash provided by operating activities 310 353 Cash Flows From Investing Activities Sale, call or maturity of fixed maturities 497 464 Sale of equity securities 17 266 Purchase of fixed maturities ( 717 ) ( 838 ) Purchase of equity securities ( 22 ) ( 226 ) Change in short-term investments, net 200 — Changes in finance receivables ( 3 ) 2 Investment in building and equipment ( 3 ) ( 7 ) Change in other invested assets, net ( 27 ) ( 16 ) Net cash used in investing activities ( 58 ) ( 355 ) Cash Flows From Financing Activities Payment of cash dividends to shareholders ( 125 ) ( 116 ) Shares acquired - share repurchase authorization ( 42 ) ( 75 ) Proceeds from stock options exercised 4 3 Contract holders' funds deposited 14 19 Contract holders' funds withdrawn ( 40 ) ( 60 ) Other ( 36 ) ( 57 ) Net cash used in financing activities ( 225 ) ( 286 ) Net change in cash and cash equivalents 27 ( 288 ) Cash and cash equivalents at beginning of year 983 907 Cash and cash equivalents at end of period $ 1,010 $ 619 Supplemental Disclosures of Cash Flow Information: Income taxes paid 2 106 Noncash Activities Equipment acquired under finance lease obligations $ 8 $ 4 Share-based compensation 13 17 Other assets and other liabilities 100 97 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements. Cincinnati Financial Corporation First-Quarter 2025 10-Q Page 7 Table of Contents NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1 — Accounting Policies The condensed consolidated financial statements include the accounts of Cincinnati Financial Corporation and its consolidated subsidiaries, each of which is wholly owned. These statements are presented in conformity with accounting principles generally accepted in the United States of America (GAAP). All intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Our actual results could differ from those estimates. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been condensed or omitted. Our March 31, 2025, 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 2024 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 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 enhances the transparency and decision usefulness of income tax disclosures by requiring entities to disclose specific categories within their rate reconciliation as well as additional items within those categories above a prescribed threshold. This ASU also requires disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes as well as additional items within those categories above a prescribed threshold. The effective date of ASU 2023-09 is for annual reporting periods beginning after December 15, 2024, and should be applied prospectively with retrospective application 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 financial statements . 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 and qualitative disclosure of certain categories of expenses. 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, 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, but the ASU will require additional disclosures in our annual and interim financial statements. Cincinnati Financial Corporation First-Quarter 2025 10-Q Page 8 Table of Contents NOTE 2 – Investments The following table provides amortized cost, gross unrealized gains, gross unrealized losses and fair value for our fixed-maturity and short-term investments: (Dollars in millions) Amortized cost Gross unrealized Fair value At March 31, 2025 gains losses Fixed-maturity: Corporate $ 8,833 $ 78 $ 278 $ 8,633 States, municipalities and political subdivisions 4,973 10 291 4,692 Government-sponsored enterprises 2,310 3 3 2,310 Asset-backed 649 5 9 645 United States government 217 — 1 216 Foreign government 27 — — 27 Total fixed-maturity 17,009 96 582 16,523 Short-term 100 — — 100 Total fixed-maturity and short-term investments $ 17,109 $ 96 $ 582 $ 16,623 At December 31, 2024 Fixed-maturity: Corporate $ 8,652 $ 61 $ 333 $ 8,380 States, municipalities and political subdivisions 4,976 15 270 4,721 Government-sponsored enterprises 2,282 1 9 2,274 Asset-backed 567 1 17 551 United States government 228 — 2 226 Foreign government 30 — — 30 Total fixed-maturity 16,735 78 631 16,182 Short-term 298 — — 298 Total fixed-maturity and short-term investments $ 17,033 $ 78 $ 631 $ 16,480 The decrease in net unrealized investment losses in our fixed-maturity portfolio at March 31, 2025, is primarily due to a decrease in U.S. Treasury yields partially offset by a widening of corporate credit spreads. Our asset-backed securities had an average rating of Aa1/AA at both March 31, 2025, and December 31, 2024. Cincinnati Financial Corporation First-Quarter 2025 10-Q Page 9 Table of Contents The table below provides fair values and gross unrealized losses by investment category and by the duration of the continuous unrealized loss positions: (Dollars in millions) Less than 12 months 12 months or more Total At March 31, 2025 Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Fixed-maturity: Corporate $ 2,184 $ 53 $ 3,487 $ 225 $ 5,671 $ 278 States, municipalities and political subdivisions 1,565 36 2,075 255 3,640 291 Government-sponsored enterprises 1,002 2 102 1 1,104 3 Asset-backed 222 4 88 5 310 9 United States government — — 95 1 95 1 Foreign government — — — — — — Total fixed-maturity 4,973 95 5,847 487 10,820 582 Short-term 100 — — — 100 — Total fixed-maturity and short-term investments $ 5,073 $ 95 $ 5,847 $ 487 $ 10,920 $ 582 At December 31, 2024 Fixed-maturity: Corporate $ 2,815 $ 78 $ 3,634 $ 255 $ 6,449 $ 333 States, municipalities and political subdivisions 1,513 25 1,898 245 3,411 270 Government-sponsored enterprises 1,876 8 92 1 1,968 9 Asset-backed 331 10 96 7 427 17 United States government 48 — 100 2 148 2 Foreign government — — 3 — 3 — Total fixed-maturity 6,583 121 5,823 510 12,406 631 Short-term 100 — — — 100 — Total fixed-maturity and short-term investments $ 6,683 $ 121 $ 5,823 $ 510 $ 12,506 $ 631 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, 2025 Maturity dates: Due in one year or less $ 1,225 $ 1,222 7.4 % Due after one year through five years 3,802 3,774 22.7 Due after five years through ten years 3,832 3,759 22.6 Due after ten years 8,250 7,868 47.3 Total $ 17,109 $ 16,623 100.0 % Actual maturities may differ from contractual maturities when there is a right to call or prepay obligations with or without call or prepayment penalties. Cincinnati Financial Corporation First-Quarter 2025 10-Q Page 10 Table of Contents The following table provides investment income and investment gains and losses, net: (Dollars in millions) Three months ended March 31, 2025 2024 Investment income: Interest $ 210 $ 169 Dividends 67 72 Other 7 7 Total 284 248 Less investment expenses 4 3 Total $ 280 $ 245 Investment gains and losses, net: Equity securities: Investment gains and losses on securities sold, net $ ( 1 ) $ ( 11 ) Unrealized gains and losses on securities still held, net ( 71 ) 613 Subtotal ( 72 ) 602 Fixed-maturity securities: Gross realized losses — ( 1 ) Change in allowance for credit losses, net ( 2 ) ( 9 ) Subtotal ( 2 ) ( 10 ) Other 7 20 Total $ ( 67 ) $ 612 The fair value of our equity portfolio was $ 11.118 billion and $ 11.185 billion at March 31, 2025, and December 31, 2024, respectively. Apple, Inc. (Nasdaq:AAPL), an equity holding, was our largest single investment holding with a fair value of $ 786 million and $ 891 million, which was 7.3 % and 8.2 % of our publicly traded common equities portfolio and 2.8 % and 3.2 % of the total investment portfolio at March 31, 2025, and December 31, 2024, respectively. The allowance for credit losses on fixed-maturity securities was $ 35 million and $ 33 million at March 31, 2025, and December 31, 2024, respectively. There were no reductions in the allowance for credit losses for securities sold during the three months ended March 31, 2025, and 2024 . There were 3,679 and 3,723 fixed-maturity and short-term investments in a total unrealized loss position of $ 582 million and $ 631 million at March 31, 2025, and December 31, 2024, respectively. Of those totals, 34 and 19 fixed-maturity securities had fair values below 70 % of amortized cost at March 31, 2025, and December 31, 2024, respectively. Cincinnati Financial Corporation First-Quarter 2025 10-Q Page 11 Table of Contents NOTE 3 – Fair Value Measurements In accordance with accounting guidance for fair value measurements and disclosures, we categorized our financial instruments, based on the priority of the observable and market-based data for the valuation technique used, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices with readily available independent data in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable market inputs (Level 3). When various inputs for measurement fall within different levels of the fair value hierarchy, the lowest observable input that has a significant impact on fair value measurement is used. Our valuation techniques have not changed from those used at December 31, 2024, and ultimately management determines fair value. See our 2024 Annual Report on Form 10-K, Item 8, Note 3, Fair Value Measurements, Page 138, 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, 2025, and December 31, 2024. We do not have any liabilities carried at fair value. (Dollars in millions) Level 1 Level 2 Level 3 Total At March 31, 2025 Fixed maturities, available for sale: Corporate $ — $ 8,633 $ — $ 8,633 States, municipalities and political subdivisions — 4,692 — 4,692 Government-sponsored enterprises — 2,310 — 2,310 Asset-backed — 645 — 645 United States government 216 — — 216 Foreign government — 27 — 27 Subtotal 216 16,307 — 16,523 Common equities 10,782 — — 10,782 Nonredeemable preferred equities — 336 — 336 Separate accounts taxable fixed maturities — 895 — 895 Short-term investments 100 — — 100 Top Hat savings plan mutual funds and common equity (included in Other assets) 89 — — 89 Total $ 11,187 $ 17,538 $ — $ 28,725 At December 31, 2024 Fixed maturities, available for sale: Corporate $ — $ 8,380 $ — $ 8,380 States, municipalities and political subdivisions — 4,721 — 4,721 Government-sponsored enterprises — 2,274 — 2,274 Asset-backed — 551 — 551 United States government 226 — — 226 Foreign government — 30 — 30 Subtotal 226 15,956 — 16,182 Common equities 10,836 — — 10,836 Nonredeemable preferred equities — 349 — 349 Separate accounts taxable fixed maturities — 876 — 876 Short-term investments 298 — — 298 Top Hat savings plan mutual funds and common equity (included in Other assets) 87 — — 87 Total $ 11,447 $ 17,181 $ — $ 28,628 Cincinnati Financial Corporation First-Quarter 2025 10-Q Page 12 Table of Contents We also held Level 1 cash and cash equivalents of $ 1.010 billion and $ 983 million at March 31, 2025, and December 31, 2024, respectively. Fair Value Disclosures for Assets and Liabilities Not Carried at Fair Value The disclosures below are presented to provide information about the effects of current market conditions on financial instruments that are not reported at fair value in our condensed consolidated financial statements. This table summarizes the book value and principal amounts of our long-term debt: (Dollars in millions) Book value Principal amount Interest rate Year of issue March 31, December 31, March 31, December 31, 2025 2024 2025 2024 6.900 % 1998 Senior debentures, due 2028 $ 27 $ 27 $ 28 $ 28 6.920 % 2005 Senior debentures, due 2028 391 391 391 391 6.125 % 2004 Senior notes, due 2034 372 372 374 374 Total $ 790 $ 790 $ 793 $ 793 The following table shows fair values of our note payable and long-term debt: (Dollars in millions) Level 1 Level 2 Level 3 Total At March 31, 2025 Note payable $ — $ 25 $ — $ 25 6.900 % senior debentures, due 2028 — 29 — 29 6.920 % senior debentures, due 2028 — 419 — 419 6.125 % senior notes, due 2034 — 394 — 394 Total $ — $ 867 $ — $ 867 At December 31, 2024 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 — 390 — 390 Total $ — $ 860 $ — $ 860 Cincinnati Financial Corporation First-Quarter 2025 10-Q Page 13 Table of Contents The following table shows the fair value of our life policy loans included in other invested assets and the fair values of our deferred annuities and structured settlements included in life policy and investment contract reserves: (Dollars in millions) Level 1 Level 2 Level 3 Total At March 31, 2025 Life policy loans $ — $ — $ 42 $ 42 Deferred annuities $ — $ — $ 551 $ 551 Structured settlements — 127 — 127 Total $ — $ 127 $ 551 $ 678 At December 31, 2024 Life policy loans $ — $ — $ 41 $ 41 Deferred annuities $ — $ — $ 561 $ 561 Structured settlements — 127 — 127 Total $ — $ 127 $ 561 $ 688 Outstanding principal and interest for these life policy loans totaled $ 36 million at both March 31, 2025, and December 31, 2024. Recorded reserves for the deferred annuities were $ 582 million and $ 595 million at March 31, 2025, and December 31, 2024, respectively. Recorded reserves for the structured settlements were $ 116 million at both March 31, 2025, and December 31, 2024. Cincinnati Financial Corporation First-Quarter 2025 10-Q Page 14 Table of Contents NOTE 4 – Property Casualty Loss and Loss Expenses This table summarizes activity for our consolidated property casualty loss and loss expense reserves: (Dollars in millions) Three months ended March 31, 2025 2024 Gross loss and loss expense reserves, beginning of period $ 9,937 $ 8,975 Less reinsurance recoverable 269 362 Net loss and loss expense reserves, beginning of period 9,668 8,613 Net incurred loss and loss expenses related to: Current accident year 1,978 1,370 Prior accident years ( 91 ) ( 100 ) Total incurred 1,887 1,270 Net paid loss and loss expenses related to: Current accident year 593 205 Prior accident years 806 832 Total paid 1,399 1,037 Net loss and loss expense reserves, end of period 10,156 8,846 Plus reinsurance recoverable 551 332 Gross loss and loss expense reserves, end of period $ 10,707 $ 9,178 We use actuarial methods, models and judgment to estimate, as of a financial statement date, the property casualty loss and loss expense reserves required to pay for and settle all outstanding insured claims, including incurred but not reported (IBNR) claims, as of that date. The actuarial estimate is subject to review and adjustment by an inter-departmental committee that includes actuarial, claims, underwriting, loss prevention and accounting management. This committee is familiar with relevant company and industry business, claims and underwriting trends, as well as general economic and legal trends that could affect future loss and loss expense payments. The amount we will actually have to pay for claims can be highly uncertain. This uncertainty, together with the size of our reserves, makes the loss and loss expense reserves our most significant estimate. The reserve for loss and loss expenses in the condensed consolidated balance sheets also included $ 73 million and $ 68 million at March 31, 2025, and 2024, respectively, for certain life and health loss and loss expense reserves. 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. We experienced $ 100 million of favorable development on prior accident years, including $ 38 million of favorable development in commercial lines, $ 33 million of favorable development in personal lines and $ 3 million of favorable development in excess and surplus lines for the three months ended March 31, 2024. Within commercial lines, we recognized favorable reserve development of $ 22 million for the commercial property line and $ 12 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 $ 25 million for the homeowner line and $ 5 million for the personal auto line. Cincinnati Financial Corporation First-Quarter 2025 10-Q Page 15 Table of Contents NOTE 5 – Life Policy and Investment Contract Reserves We establish the reserves for traditional life policies including term, whole life and other products based on the present value of future benefits and claim expenses less the present value of future net premiums. Net premium is the portion of gross premium required to pro vide for all benefits and claim expenses. We estimate future benefits and claim expenses and net premium using certain cash flow assumptions including mortality, morbidity and lapse rates as well as a discount rate assumption. The cash flow assumptions are established based on our current expectations and are reviewed annually 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, 2025 December 31, 2024 Life policy reserves: Term $ 1,064 $ 1,051 Whole life 412 405 Other 99 98 Subtotal 1,575 1,554 Investment contract reserves: Deferred annuities 582 595 Universal life 587 586 Structured settlements 116 116 Other 108 109 Subtotal 1,393 1,406 Total life policy and investment contract reserves $ 2,968 $ 2,960 Cincinnati Financial Corporation First-Quarter 2025 10-Q Page 16 Table of Contents The balances and changes in the term and whole life policy reserves included in life policy and investment contract reserves are as follows: (Dollars in millions) Three months ended March 31, 2025 2024 Term Whole life Term Whole life Present value of expected net premiums: Balance, beginning of period $ 1,638 $ 218 $ 1,700 $ 223 Beginning balance at original discount rate 1,719 228 1,712 225 Effect of changes in cash flow assumptions — — — — Effect of actual variances from expected experience ( 8 ) — ( 9 ) — Adjusted beginning of period balance 1,711 228 1,703 225 Issuances 35 3 35 5 Interest accrual 19 3 18 2 Net premiums collected ( 46 ) ( 7 ) ( 46 ) ( 7 ) Ending balance at original discount rate 1,719 227 1,710 225 Effect of changes in discount rate assumptions ( 60 ) ( 7 ) ( 50 ) ( 6 ) Balance, end of period 1,659 220 1,660 219 Present value of expected future policy benefits: Balance, beginning of period 2,668 623 2,751 657 Beginning balance at original discount rate 2,812 646 2,765 628 Effect of changes in cash flow assumptions — — — — Effect of actual variances from expected experience ( 14 ) — ( 14 ) — Adjusted beginning of period balance 2,798 646 2,751 628 Issuances 36 3 35 5 Interest accrual 32 9 31 8 Benefits paid ( 54 ) ( 10 ) ( 37 ) ( 8 ) Ending balance at original discount rate 2,812 648 2,780 633 Effect of changes in discount rate assumptions ( 109 ) ( 17 ) ( 82 ) 4 Balance, end of period 2,703 631 2,698 637 Net liability for future policy benefits: Present value of expected future policy benefits less expected net premiums 1,044 411 1,038 418 Impact of flooring at cohort level 20 1 16 — Net life policy reserves 1,064 412 1,054 418 Less reinsurance recoverable at original discount rate ( 82 ) ( 25 ) ( 100 ) ( 24 ) Less effect of discount rate assumption changes on reinsurance recoverable ( 8 ) ( 3 ) ( 8 ) ( 4 ) Net life policy reserves, after reinsurance recoverable $ 974 $ 384 $ 946 $ 390 Weighted-average duration of the net life policy reserves in years 11 15 11 16 The total impact of flooring at cohort level in the above tables includes the effect of discount rate assumption changes of $ 3 million and $ 2 million at March 31, 2025 and 2024, respectively. Cincinnati Financial Corporation First-Quarter 2025 10-Q Page 17 Table of Contents The following table shows the amount of undiscounted and discounted expected future benefit payments and expected gross premiums for our term and whole life policies: (Dollars in millions) At March 31, 2025 2024 Undiscounted Discounted Undiscounted Discounted Term Expected future benefit payments $ 4,894 $ 2,703 $ 4,816 $ 2,698 Expected future gross premiums 4,561 2,658 4,386 2,601 Whole life Expected future benefit payments $ 1,719 $ 631 $ 1,660 $ 637 Expected future gross premiums 692 415 663 402 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, 2025 2024 Gross premiums Term $ 74 $ 74 Whole life 13 13 Total $ 87 $ 87 Interest accretion Term $ 13 $ 13 Whole life 6 6 Total $ 19 $ 19 Adverse development that resulted in an immediate charge to income due to net premiums exceeding gross premiums w as immaterial for the three months ended March 31, 2025, and 2024 . The following table shows the weighted-average interest rate for our term and whole life products : At March 31, 2025 2024 Term Interest accretion rate 5.20 % 5.26 % Current discount rate 4.96 5.09 Whole life Interest accretion rate 5.87 % 5.90 % Current discount rate 5.67 5.40 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 2025 10-Q Page 18 Table of Contents The following table shows the balances and changes in policyholders' account balances included in investment contract reserves: (Dollars in millions) Three months ended March 31, 2025 2024 Deferred annuity Universal life Deferred annuity Universal life Balance, beginning of period $ 595 $ 456 $ 656 $ 457 Premiums received 4 10 9 10 Policy charges — ( 10 ) — ( 10 ) Surrenders and withdrawals ( 17 ) ( 3 ) ( 37 ) ( 4 ) Benefit payments ( 5 ) ( 1 ) ( 3 ) ( 2 ) Interest credited 5 5 6 5 Balance, end of period $ 582 $ 457 $ 631 $ 456 Weighted average crediting rate 3.68 % 4.40 % 3.55 % 4.33 % Net amount at risk $ — $ 3,801 $ — $ 3,908 Cash surrender value 575 428 625 425 The net amount at risk above represents the guaranteed benefit amount in excess of the current account balances. The following table shows the balance of account values by range of guaranteed minimum crediting rates, in basis points, and the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums for our deferred annuity and universal life contracts: (Dollars in millions) At guaranteed minimum 1 to 50 basis points above 51-150 basis points above Greater than 150 basis points Total At March 31, 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 At March 31, 2024 Deferred annuity 1.00-3.00% $ 4 $ 337 $ 15 $ 226 $ 582 3.01-4.00% 49 — — — 49 Total $ 53 $ 337 $ 15 $ 226 $ 631 Universal life 1.00-3.00% $ — $ 60 $ 58 $ 4 $ 122 3.01-4.00% 49 5 — — 54 Greater than 4.00% 280 — — — 280 Total $ 329 $ 65 $ 58 $ 4 $ 456 Cincinnati Financial Corporation First-Quarter 2025 10-Q Page 19 Table of Contents The following table shows the balances and changes in the other additional liability related to the no-lapse guarantees contained within our universal life contracts: (Dollars in millions) Three months ended March 31, 2025 2024 Balance, beginning of period $ 130 $ 128 Balance, beginning of period before shadow reserve adjustments 131 129 Effect of changes in cash flow assumptions — — Effect of actual variances from expected experience 2 — Adjusted beginning of period balance 133 129 Interest accrual 1 1 Excess death benefits ( 7 ) ( 2 ) Attributed assessments 3 3 Effect of changes in interest rate assumptions 1 ( 1 ) Balance, end of period before shadow reserve adjustments 131 130 Shadow reserve adjustments ( 1 ) ( 1 ) Balance, end of period 130 129 Less reinsurance recoverable, end of period 8 6 Net other additional liability, after reinsurance recoverable $ 138 $ 135 Weighted-average duration of the other additional liability in years 29 31 The following table shows balances and changes in separate accounts balances during the period: (Dollars in millions) Three months ended March 31, 2025 2024 Balance, beginning of period $ 952 $ 925 Interest credited before policy charges 11 10 Benefit payments ( 8 ) — Other 4 ( 8 ) Balance, end of period $ 959 $ 927 Cash surrender value $ 949 $ 925 Cincinnati Financial Corporation First-Quarter 2025 10-Q Page 20 Table of Contents NOTE 6 – Deferred Policy Acquisition Costs Expenses directly related to successfully acquired insurance policies – primarily commissions, premium taxes and underwriting costs – are deferred and amortized over the terms of the policies. We update our acquisition cost assumptions periodically to reflect actual experience. For property casualty, we evaluate the costs for recoverability. No premium deficiencies were recorded in the condensed consolidated statements of income, as the sum of the anticipated loss and loss expenses, policyholder dividends and unamortized deferred acquisition expenses did not exceed the related unearned premiums and anticipated investment income. The table below shows the deferred policy acquisition costs and asset reconciliation. (Dollars in millions) Three months ended March 31, 2025 2024 Property casualty: Deferred policy acquisition costs asset, beginning of period $ 886 $ 749 Capitalized deferred policy acquisition costs 485 407 Amortized deferred policy acquisition costs ( 434 ) ( 360 ) Deferred policy acquisition costs asset, end of period $ 937 $ 796 Life: Deferred policy acquisition costs asset, beginning of period $ 356 $ 344 Capitalized deferred policy acquisition costs 12 10 Amortized deferred policy acquisition costs ( 8 ) ( 7 ) Deferred policy acquisition costs asset, end of period $ 360 $ 347 Consolidated: Deferred policy acquisition costs asset, beginning of period $ 1,242 $ 1,093 Capitalized deferred policy acquisition costs 497 417 Amortized deferred policy acquisition costs ( 442 ) ( 367 ) Deferred policy acquisition costs asset, end of period $ 1,297 $ 1,143 The table below shows the life deferred policy acquisition costs asset by product: (Dollars in millions) Three months ended March 31, 2025 Term Whole life Deferred annuity Universal life Total Balance, beginning of period $ 245 $ 52 $ 8 $ 51 $ 356 Capitalized deferred policy acquisition costs 9 2 — 1 12 Amortized deferred policy acquisition costs ( 6 ) ( 1 ) — ( 1 ) ( 8 ) Balance, end of period $ 248 $ 53 $ 8 $ 51 $ 360 Three months ended March 31, 2024 Balance, beginning of period $ 236 $ 48 $ 8 $ 52 $ 344 Capitalized deferred policy acquisition costs 8 2 — — 10 Amortized deferred policy acquisition costs ( 6 ) ( 1 ) — — ( 7 ) Balance, end of period $ 238 $ 49 $ 8 $ 52 $ 347 Cincinnati Financial Corporation First-Quarter 2025 10-Q Page 21 Table of Contents NOTE 7 – Accumulated Other Comprehensive Income Accumulated other comprehensive income (AOCI) includes changes in unrealized gains and losses on investments, changes in pension obligations and changes in life policy reserves, reinsurance recoverable and other as follows: (Dollars in millions) Three months ended March 31, 2025 2024 Before tax Income tax Net Before tax Income tax Net Investments: AOCI, beginning of period $ ( 553 ) $ ( 119 ) $ ( 434 ) $ ( 570 ) $ ( 123 ) $ ( 447 ) OCI before investment gains and losses, net, recognized in net income 65 14 51 ( 65 ) ( 13 ) ( 52 ) Investment gains and losses, net, recognized in net income 2 — 2 10 2 8 OCI 67 14 53 ( 55 ) ( 11 ) ( 44 ) AOCI, end of period $ ( 486 ) $ ( 105 ) $ ( 381 ) $ ( 625 ) $ ( 134 ) $ ( 491 ) Pension obligations: AOCI, beginning of period $ 75 $ 17 $ 58 $ 30 $ 8 $ 22 OCI excluding amortization recognized in net income — — — — — — Amortization recognized in net income ( 1 ) — ( 1 ) — — — OCI ( 1 ) — ( 1 ) — — — AOCI, end of period $ 74 $ 17 $ 57 $ 30 $ 8 $ 22 Life policy reserves, reinsurance recoverable and other: AOCI, beginning of period $ 85 $ 18 $ 67 $ ( 13 ) $ ( 3 ) $ ( 10 ) OCI before investment gains and losses, net, recognized in net income ( 17 ) ( 3 ) ( 14 ) 47 10 37 Investment gains and losses, net, recognized in net income — — — — — — OCI ( 17 ) ( 3 ) ( 14 ) 47 10 37 AOCI, end of period $ 68 $ 15 $ 53 $ 34 $ 7 $ 27 Summary of AOCI: AOCI, beginning of period $ ( 393 ) $ ( 84 ) $ ( 309 ) $ ( 553 ) $ ( 118 ) $ ( 435 ) Investments OCI 67 14 53 ( 55 ) ( 11 ) ( 44 ) Pension obligations OCI ( 1 ) — ( 1 ) — — — Life policy reserves, reinsurance recoverable and other OCI ( 17 ) ( 3 ) ( 14 ) 47 10 37 Total OCI 49 11 38 ( 8 ) ( 1 ) ( 7 ) AOCI, end of period $ ( 344 ) $ ( 73 ) $ ( 271 ) $ ( 561 ) $ ( 119 ) $ ( 442 ) Investment gains and losses, net, and other investment gains and losses, net, are recorded in the investment gains and losses, net, line item in the condensed consolidated statements of income. Amortization of pension obligations is recorded in the insurance losses and contract holders' benefits and underwriting, acquisition and insurance expenses line items in the condensed consolidated statements of income. Cincinnati Financial Corporation First-Quarter 2025 10-Q Page 22 Table of Contents NOTE 8 – Reinsurance Primary components of our property casualty reinsurance assumed operations include involuntary and voluntary assumed as well as contracts from our reinsurance assumed operations, known as Cincinnati Re. Primary components of our ceded reinsurance include a property per risk treaty, property excess treaty, casualty per occurrence treaty, casualty excess treaty, property catastrophe treaty 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, 2025 2024 Direct written premiums $ 2,388 $ 2,125 Assumed written premiums 303 239 Ceded written premiums ( 196 ) ( 116 ) Net written premiums $ 2,495 $ 2,248 Direct earned premiums $ 2,247 $ 1,934 Assumed earned premiums 190 152 Ceded earned premiums ( 173 ) ( 94 ) Earned premiums $ 2,264 $ 1,992 Direct incurred loss and loss expenses $ 2,149 $ 1,193 Assumed incurred loss and loss expenses 236 76 Ceded incurred loss and loss expenses ( 498 ) 1 Incurred loss and loss expenses $ 1,887 $ 1,270 Cincinnati Financial Corporation First-Quarter 2025 10-Q Page 23 Table of Contents Our life insurance company purchases reinsurance for protection of a portion of the risks that are written. Primary components of our life reinsurance program include individual mortality coverage, aggregate catastrophe 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, 2025 2024 Direct earned premiums $ 99 $ 99 Ceded earned premiums ( 19 ) ( 20 ) Earned premiums $ 80 $ 79 Direct contract holders' benefits incurred $ 94 $ 94 Ceded contract holders' benefits incurred ( 13 ) ( 15 ) Contract holders' benefits incurred $ 81 $ 79 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 was $ 17 million and $ 18 million at March 31, 2025, and December 31, 2024, respectively. The allowances for credit losses on other premiums receivable and reinsurance recoverable assets were immaterial at March 31, 2025, and December 31, 2024. Cincinnati Financial Corporation First-Quarter 2025 10-Q Page 24 Table of Contents NOTE 9 – Income Taxes The differences between the 21 % statutory federal income tax rate and our effective income tax rate were as follows: (Dollars in millions) Three months ended March 31, 2025 2024 Tax at statutory rate: $ ( 27 ) 21.0 % $ 200 21.0 % Increase (decrease) resulting from: Tax-exempt income from municipal bonds ( 5 ) 3.9 ( 5 ) ( 0.5 ) Dividend received exclusion ( 5 ) 3.9 ( 5 ) ( 0.5 ) Other ( 1 ) 0.9 8 0.8 Provision (benefit) for income taxes $ ( 38 ) 29.7 % $ 198 20.8 % 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, 2025, and December 31, 2024. Cincinnati Global Cincinnati Global had no operating loss carryforwards in the United States and $ 67 million and $ 78 million in the United Kingdom at March 31, 2025, and December 31, 2024, respectively. These Cincinnati Global losses can only be utilized within the Cincinnati Global group. Cincinnati Financial Corporation First-Quarter 2025 10-Q Page 25 Table of Contents NOTE 10 – Net Income (Loss) Per Common Share Basic earnings per share are computed based on the weighted average number of common shares outstanding. Diluted earnings per share are computed based on the weighted average number of common and dilutive potential common shares outstanding using the treasury stock method. The table shows calculations for basic and diluted earnings per share: (In millions, except per share data) Three months ended March 31, 2025 2024 Numerator: Net income (loss)—basic and diluted $ ( 90 ) $ 755 Denominator: Basic weighted-average common shares outstanding 156.4 156.8 Effect of share-based awards: Stock options — 0.7 Nonvested shares — 0.4 Diluted weighted-average shares 156.4 157.9 Earnings (loss) per share: Basic $ ( 0.57 ) $ 4.82 Diluted $ ( 0.57 ) $ 4.78 Number of anti-dilutive share-based awards 1.7 1.3 The source of dilution of our common shares are certain equity-based awards. See our 2024 Annual Report on Form 10-K, Item 8, Note 17, Share-Based Associate Compensation Plans, Page 173, 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, 2025 and 2024. 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, 2025 2024 Service cost $ 1 $ 1 Non-service (benefit) costs: Interest cost 4 3 Expected return on plan assets ( 6 ) ( 5 ) Amortization of actuarial gain and prior service cost ( 1 ) — Total non-service benefit ( 3 ) ( 2 ) Net periodic benefit $ ( 2 ) $ ( 1 ) See our 2024 Annual Report on Form 10-K, Item 8, Note 13, Employee Retirement Benefits, Page 167, 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 2025 and 2024. We made matching contributions totaling $ 11 million and $ 9 million to our 401(k) and Top Hat savings plans during the first quarter of 2025 and 2024, respectively. We made no contributions to our qualified pension plan during the first three months of 2025. Cincinnati Financial Corporation First-Quarter 2025 10-Q Page 26 Table of Contents NOTE 12 – Commitments and Contingent Liabilities The company, through its insurance subsidiaries, is involved in claims litigation arising in the ordinary course of conducting its business, both as a liability insurer defending third-party claims brought against insureds and as an insurer defending against coverage claims. The company accounts for such activity through the establishment of unpaid loss and loss expense reserves. Subject to the uncertainties discussed in Note 4, Property Casualty Loss and Loss Expenses, and in the discussion in the balance of this Note, we believe that the ultimate liability, if any, with respect to such ordinary-course claims litigation, after consideration of provisions made for potential losses, costs of defense, and reinsurance recoveries, is immaterial to our consolidated financial position, results of operations and cash flows. The company and its subsidiaries also are occasionally involved in other legal and regulatory proceedings, some of which assert claims for substantial amounts. These actions include, among others, putative class actions seeking certification of state or national classes. Such proceedings have alleged, for example, improper depreciation of labor costs in repair estimates. 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 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 2024 Annual Report on Form 10-K, Item 8, Note 18, Segment Information, Page 176, for a description of revenue, income or loss before inco me taxes, including its components, an d identifiable assets for each of the five segments. Cincinnati Financial Corporation First-Quarter 2025 10-Q Page 27 Table of Contents Segment information is summarized in the following table: (Dollars in millions) Three months ended March 31, 2025 2024 Commercial lines insurance Commercial lines insurance premiums $ 1,179 $ 1,082 Fee revenues 2 1 Total commercial lines insurance revenues 1,181 1,083 Loss and loss expenses 735 719 Underwriting expenses 349 325 Total commercial lines income before income taxes 97 39 Personal lines insurance Personal lines insurance premiums 698 588 Fee revenues 1 1 Total personal lines insurance revenues 699 589 Loss and loss expenses 846 379 Underwriting expenses 210 173 Total personal lines income (loss) before income taxes ( 357 ) 37 Excess and surplus lines insurance Excess and surplus lines insurance premiums 162 139 Fee revenues 1 1 Total excess and surplus lines insurance revenues 163 140 Loss and loss expenses 99 90 Underwriting expenses 44 38 Total excess and surplus lines income before income taxes 20 12 Life insurance Life insurance premiums 80 79 Fee revenues 1 1 Total life insurance revenues 81 80 Contract holders' benefits incurred 81 79 Investment interest credited to contract holders ( 32 ) ( 31 ) Underwriting expenses incurred 23 22 Total life insurance income before income taxes 9 10 Investments Investment income, net of expenses 280 245 Investment gains and losses, net ( 67 ) 612 Total investment revenue 213 857 Investment interest credited to contract holders 32 31 Total investment income before income taxes 181 826 Reconciliation to condensed consolidated income (loss) before income taxes Total segment revenues 2,337 2,749 Other earned premiums 225 183 Other revenues 4 3 Total revenues 2,566 2,935 Total segment benefits and expenses 2,387 1,825 Other loss and loss expenses 207 82 Other underwriting expenses 76 58 Other benefits and expenses 24 17 Total benefits and expenses 2,694 1,982 Total income (loss) before income taxes $ ( 128 ) $ 953 Cincinnati Financial Corporation First-Quarter 2025 10-Q Page 28 Table of Contents Identifiable assets by segment are summarized in the following table: (Dollars in millions) March 31, December 31, 2025 2024 Identifiable assets: Property casualty insurance $ 6,481 $ 5,927 Life insurance 1,684 1,658 Investments 27,967 27,887 Other 1,144 1,029 Total $ 37,276 $ 36,501