What changed in this filing

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Item 1. Financial Statements

2025-10-27 compared with 2025-07-28 · 118 added, 114 removed, 795 unchanged (23% of the section changed)

2 unchanged sentences

Condensed Consolidated Balance Sheets

(Dollars in millions, except per share data) June 30, December 31,

(Dollars in millions, except per share data) September 30, December 31,

Fixed maturities, at fair value (amortized cost:

43 unchanged sentences

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

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

Cincinnati Financial Corporation and Subsidiaries

Condensed Consolidated Statements of Income

(Dollars in millions, except per share data) Three months ended June 30, Six months ended June 30,

(Dollars in millions, except per share data) Three months ended September 30, Nine months ended September 30,

2025 2024 2025 2024

21 unchanged sentences

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

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

Cincinnati Financial Corporation and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income

(Dollars in millions) Three months ended June 30, Six months ended June 30,

(Dollars in millions) Three months ended September 30, Nine months ended September 30,

2025 2024 2025 2024

1 unchanged sentence

Other Comprehensive Income (Loss)

Change in unrealized gains and losses on investments, net of tax (benefit) of $ 6 , $( 17 ) $ 20 and $( 28 ), respectively

Change in unrealized gains and losses on investments, net of tax of $ 51 , $ 106 , $ 71 and $ 78 , respectively

190 391 265 289

Amortization of pension actuarial loss (gain) and prior service cost, net of tax (benefit) of $ 0 , $ 0 , $ 0 and $ 0 , respectively

( 1 ) 1 ( 2 ) 1

Change in life policy reserves, reinsurance recoverable and other, net of tax (benefit) of $( 7 ), $( 20 ), $( 10 ) and $( 2 ), respectively

( 25 ) ( 71 ) ( 38 ) ( 5 )

Other comprehensive income (loss) 22 ( 28 ) 60 ( 35 )

Other comprehensive income 165 320 225 285

Comprehensive Income $ 1,287 $ 1,140 $ 1,942 $ 2,172

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

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

Cincinnati Financial Corporation and Subsidiaries

Condensed Consolidated Statements of Shareholders' Equity

(Dollars in millions) Three months ended June 30, Six months ended June 30,

(Dollars in millions) Three months ended September 30, Nine months ended September 30,

2025 2024 2025 2024

15 unchanged sentences

Beginning of period ( 249 ) ( 470 ) ( 309 ) ( 435 )

Other comprehensive income (loss) 22 ( 28 ) 60 ( 35 )

Other comprehensive income 165 320 225 285

End of period ( 84 ) ( 150 ) ( 84 ) ( 150 )

13 unchanged sentences

Shares acquired - share-based compensation plans — ( 0.1 ) ( 0.1 ) ( 0.2 )

Other — 0.1 — 0.1

End of period 156.0 156.3 156.0 156.3

1 unchanged sentence

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

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

Cincinnati Financial Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Dollars in millions) Six months ended June 30,

(Dollars in millions) Nine months ended September 30,

Cash Flows From Operating Activities

43 unchanged sentences

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

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

6 unchanged sentences

Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been condensed or omitted.

Our June 30, 2025, condensed consolidated financial statements are unaudited.

Our September 30, 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.

4 unchanged sentences

Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures.

2 unchanged sentences

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 .

The ASU has not yet been adopted and will not have a material impact on our company’s consolidated financial position, results of operations, cash flows or disclosures in our annual financial statements .

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

5 unchanged sentences

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

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 Third-Quarter 2025 10-Q

NOTE 2 – Investments

2 unchanged sentences

cost Gross unrealized Fair value

At June 30, 2025 gains losses

At September 30, 2025 gains losses

Fixed-maturity:

19 unchanged sentences

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 June 30, 2025, is primarily due to a decrease in U.S.

Treasury yields partially offset by a slight widening of corporate credit spreads.

Our asset-backed securities had an average rating of Aa2/AA and Aa1/AA at June 30, 2025 and December 31, 2024, respectively.

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

The decrease in net unrealized investment losses in our fixed-maturity portfolio at September 30, 2025, is primarily due to a decrease in U.S.

Treasury yields and a slight tightening of corporate credit spreads.

Our asset-backed securities had an average rating of Aa2/AA and Aa1/AA at September 30, 2025 and December 31, 2024, respectively.

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

The table below provides fair values and gross unrealized losses by investment category and by the duration of the continuous unrealized loss positions:

(Dollars in millions) Less than 12 months 12 months or more Total

At June 30, 2025 Fair

At September 30, 2025 Fair

value Unrealized

9 unchanged sentences

Total fixed-maturity $ 2,762 $ 41 $ 5,512 $ 388 $ 8,274 $ 429

Short-term 100 — — — 100 —

Total fixed-maturity and short-term investments $ 5,007 $ 116 $ 5,363 $ 466 $ 10,370 $ 582

At December 31, 2024

12 unchanged sentences

value % of fair

At June 30, 2025

At September 30, 2025

Maturity dates:

5 unchanged sentences

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

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

The following table provides investment income and investment gains and losses, net:

(Dollars in millions) Three months ended June 30, Six months ended June 30,

(Dollars in millions) Three months ended September 30, Nine months ended September 30,

2025 2024 2025 2024

18 unchanged sentences

Total $ 853 $ 758 $ 1,259 $ 1,507

The fair value of our equity portfolio was $ 11.649 billion and $ 11.185 billion at June 30, 2025, and December 31, 2024, respectively.

The fair value of our equity portfolio was $ 12.547 billion and $ 11.185 billion at September 30, 2025, and December 31, 2024, respectively.

Microsoft Corporation (Nasdaq:MSFT) and Apple Inc.

(Nasdaq:AAPL), equity holdings, were our largest single investment holdings with fair values of $ 903 million and $ 891 million, which were 8.0 % and 8.2 % of our publicly traded common equities portfolio and 3.1 % and 3.2 % of the total investment portfolio at June 30, 2025, and December 31, 2024, respectively.

The allowance for credit losses on fixed-maturity securities was $ 47 million and $ 33 million at June 30, 2025, and December 31, 2024, respectively.

Reductions in the allowance for credit losses for securities sold were $ 1 million for both the three and six months ended June 30, 2025.

There were 3,537 and 3,723 fixed-maturity and short-term investments in a total unrealized loss position of $ 582 million and $ 631 million at June 30, 2025, and December 31, 2024, respectively.

Of those totals, 48 and 19 fixed-maturity securities had fair values below 70 % of amortized cost at June 30, 2025, and December 31, 2024, respectively.

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

(Nasdaq:AAPL), equity holdings, were our largest single investment holdings with fair values of $ 940 million and $ 891 million, which were 7.7 % and 8.2 % of our publicly traded common equities portfolio and 3.1 % and 3.2 % of the total investment portfolio at September 30, 2025, and December 31, 2024, respectively.

The allowance for credit losses on fixed-maturity securities was $ 41 million and $ 33 million at September 30, 2025, and December 31, 2024, respectively.

Reductions in the allowance for credit losses for securities sold were $ 6 million and $ 7 million for the three and nine months ended September 30, 2025.

There were 2,831 and 3,723 fixed-maturity and short-term investments in a total unrealized loss position of $ 429 million and $ 631 million at September 30, 2025, and December 31, 2024, respectively.

Of those totals, 17 and 19 fixed-maturity securities had fair values below 70 % of amortized cost at September 30, 2025, and December 31, 2024, respectively.

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

NOTE 3 – Fair Value Measurements

5 unchanged sentences

Fair Value Disclosures for Assets

The following tables illustrate the fair value hierarchy for those assets measured at fair value on a recurring basis at June 30, 2025, and December 31, 2024.

The following tables illustrate the fair value hierarchy for those assets measured at fair value on a recurring basis at September 30, 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 June 30, 2025

At September 30, 2025

Fixed maturities, available for sale:

29 unchanged sentences

Total $ 11,447 $ 17,181 $ — $ 28,628

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

We also held Level 1 cash and cash equivalents of $ 995 million and $ 983 million at June 30, 2025, and December 31, 2024, respectively.

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

We also held Level 1 cash and cash equivalents of $ 1.460 billion and $ 983 million at September 30, 2025, and December 31, 2024, respectively.

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

2 unchanged sentences

(Dollars in millions) Book value Principal amount

issue June 30, December 31, June 30, December 31,

issue September 30, December 31, September 30, December 31,

2025 2024 2025 2024

5 unchanged sentences

(Dollars in millions) Level 1 Level 2 Level 3 Total

At June 30, 2025

At September 30, 2025

Note payable $ — $ 25 $ — $ 25

9 unchanged sentences

Total $ — $ 860 $ — $ 860

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

The following table shows the fair value of our life policy loans included in other invested assets and the fair values of our deferred annuities and structured settlements included in life policy and investment contract reserves:

(Dollars in millions) Level 1 Level 2 Level 3 Total

At June 30, 2025

At September 30, 2025

Life policy loans $ — $ — $ 42 $ 42

7 unchanged sentences

Total $ — $ 127 $ 561 $ 688

Outstanding principal and interest for these life policy loans totaled $ 36 million at both June 30, 2025, and December 31, 2024.

Recorded reserves for the deferred annuities were $ 575 million and $ 595 million at June 30, 2025, and December 31, 2024, respectively.

Recorded reserves for the structured settlements were $ 114 million and $ 116 million at June 30, 2025, and December 31, 2024, respectively.

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

Outstanding principal and interest for these life policy loans totaled $ 37 million and $ 36 million at September 30, 2025, and December 31, 2024, respectively.

Recorded reserves for the deferred annuities were $ 565 million and $ 595 million at September 30, 2025, and December 31, 2024, respectively.

Recorded reserves for the structured settlements were $ 112 million and $ 116 million at September 30, 2025, and December 31, 2024, respectively.

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

NOTE 4 – Property Casualty Loss and Loss Expenses

This table summarizes activity for our consolidated property casualty loss and loss expense reserves:

(Dollars in millions) Three months ended June 30, Six months ended June 30,

(Dollars in millions) Three months ended September 30, Nine months ended September 30,

2025 2024 2025 2024

18 unchanged sentences

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 $ 71 million and $ 61 million at June 30, 2025, and 2024, respectively, for certain life and health loss and loss expense reserves.

We experienced $ 63 million of favorable development on prior accident years, including $ 42 million of favorable development in commercial lines, $ 19 million of favorable development in personal lines and $ 5 million of favorable development in excess and surplus lines for the three months ended June 30, 2025.

The reserve for loss and loss expenses in the condensed consolidated balance sheets also included $ 65 million and $ 62 million at September 30, 2025, and 2024, respectively, for certain life and health loss and loss expense reserves.

We experienced $ 22 million of favorable development on prior accident years, including $ 18 million of favorable development in commercial lines, $ 14 million of unfavorable development in personal lines and $ 4 million of favorable development in excess and surplus lines for the three months ended September 30, 2025.

Within commercial lines, we recognized favorable reserve development of $ 38 million for the commercial property line and $ 17 million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines.

This was partially offset by unfavorable reserve development of $ 18 million for the commercial auto line.

Within personal lines, we recognized favorable reserve development of $ 25 million for the homeowner line.

We experienced $ 154 million of favorable development on prior accident years, including $ 85 million of favorable development in commercial lines, $ 38 million of favorable development in personal lines and $ 14 million of favorable development in excess and surplus lines for the six months ended June 30, 2025.

This was partially offset by unfavorable reserve development of $ 24 million for the commercial casualty line and $ 10 million for the commercial auto line.

We experienced $ 176 million of favorable development on prior accident years, including $ 103 million of favorable development in commercial lines, $ 24 million of favorable development in personal lines and $ 18 million of favorable development in excess and surplus lines for the nine months ended September 30, 2025.

Within commercial lines, we recognized favorable reserve development of $ 113 million for the commercial property line and $ 45 million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines.

This was partially offset by unfavorable reserve development of $ 24 million for the commercial auto line.

This was partially offset by unfavorable reserve development of $ 35 million for the commercial auto line and $ 21 million for the commercial casualty line.

Within personal lines, we recognized favorable reserve development of $ 47 million for the homeowner line.

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

We experienced $ 40 million of favorable development on prior accident years, including $ 29 million of favorable development in commercial lines, $ 6 million of unfavorable development in personal lines and $ 3 million of unfavorable development in excess and surplus lines for the three months ended June 30, 2024.

Within commercial lines, we recognized favorable reserve development of $ 28 million for the workers' compensation line and $ 21 million for the commercial property line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines.

This was partially offset by unfavorable reserve development of $ 28 million for the commercial casualty line.

Within personal lines, we recognized unfavorable reserve development of $ 12 million for the personal auto line.

We experienced $ 140 million of favorable development on prior accident years, including $ 67 million of favorable development in commercial lines, $ 27 million of favorable development in personal lines and no net development in excess and surplus lines for the six months ended June 30, 2024.

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

We experienced $ 71 million of favorable development on prior accident years, including $ 50 million of favorable development in commercial lines, less than $ 1 million of unfavorable development in personal lines and $ 5 million of unfavorable development in excess and surplus lines for the three months ended September 30, 2024.

Within commercial lines, we recognized favorable reserve development of $ 33 million for the commercial property line and $ 16 million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines.

We experienced $ 211 million of favorable development on prior accident years, including $ 117 million of favorable development in commercial lines, $ 27 million of favorable development in personal lines and $ 5 million of unfavorable development in excess and surplus lines for the nine months ended September 30, 2024.

Within commercial lines, we recognized favorable reserve development of $ 76 million for the commercial property line, $ 56 million for the workers' compensation line and $ 10 million for the commercial auto line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines.

1 unchanged sentence

Within personal lines, we recognized favorable reserve development of $ 37 million for the homeowner line.

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

NOTE 5 – Life Policy and Investment Contract Reserves

11 unchanged sentences

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

(Dollars in millions) June 30, 2025 December 31, 2024

(Dollars in millions) September 30, 2025 December 31, 2024

Life policy reserves:

10 unchanged sentences

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

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

(Dollars in millions) Three months ended June 30,

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

(Dollars in millions) Three months ended September 30,

Term Whole life Term Whole life

31 unchanged sentences

Weighted-average duration of the net life policy reserves in years 11 15 11 16

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

(Dollars in millions) Six months ended June 30,

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

(Dollars in millions) Nine months ended September 30,

Term Whole life Term Whole life

31 unchanged sentences

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 $ 2 million and $ 3 million at June 30, 2025 and 2024, respectively.

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

The total impact of flooring at cohort level in the above tables includes the effect of discount rate assumption changes of $ 2 million and $ 3 million at September 30, 2025 and 2024, respectively.

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

The following table shows the amount of undiscounted and discounted expected future benefit payments and expected gross premiums for our term and whole life policies:

(Dollars in millions) At June 30,

(Dollars in millions) At September 30,

Undiscounted Discounted Undiscounted Discounted

4 unchanged sentences

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

(Dollars in millions) Three months ended June 30, Six months ended June 30,

(Dollars in millions) Three months ended September 30, Nine months ended September 30,

2025 2024 2025 2024

7 unchanged sentences

Total $ 19 $ 18 $ 57 $ 55

Adverse development that resulted in an immediate charge to income due to net premiums exceeding gross premiums w as immaterial for the six months ended June 30, 2025, and 2024 .

Adverse development that resulted in an immediate charge to income due to net premiums exceeding gross premiums was immaterial for the nine months ended September 30, 2025, and 2024 .

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

At September 30,

Interest accretion rate 5.22 % 5.21 %

3 unchanged sentences

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

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

The following table shows the balances and changes in policyholders' account balances included in investment contract reserves:

(Dollars in millions) Three months ended June 30, Six months ended June 30,

(Dollars in millions) Three months ended September 30, Nine months ended September 30,

2025 2024 2025 2024

13 unchanged sentences

(Dollars in millions) At guaranteed minimum 1 to 50 basis points above 51-150 basis points above Greater than 150 basis points Total

At June 30, 2025

At September 30, 2025

Deferred annuity

7 unchanged sentences

Total $ 323 $ 54 $ 61 $ 15 $ 453

At June 30, 2024

At September 30, 2024

Deferred annuity

7 unchanged sentences

Total $ 328 $ 55 $ 68 $ 5 $ 456

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

The following table shows the balances and changes in the other additional liability related to the no-lapse guarantees contained within our universal life contracts:

(Dollars in millions) Three months ended June 30, Six months ended June 30,

(Dollars in millions) Three months ended September 30, Nine months ended September 30,

2025 2024 2025 2024

14 unchanged sentences

Weighted-average duration of the other additional liability in years 26 29 26 29

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

(Dollars in millions) Three months ended June 30, Six months ended June 30,

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

(Dollars in millions) Three months ended September 30, Nine months ended September 30,

2025 2024 2025 2024

5 unchanged sentences

Cash surrender value $ 969 $ 941 $ 969 $ 941

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

NOTE 6 – Deferred Policy Acquisition Costs

4 unchanged sentences

The table below shows the deferred policy acquisition costs and asset reconciliation.

(Dollars in millions) Three months ended June 30, Six months ended June 30,

(Dollars in millions) Three months ended September 30, Nine months ended September 30,

2025 2024 2025 2024

13 unchanged sentences

Deferred policy acquisition costs asset, end of period $ 1,360 $ 1,241 $ 1,360 $ 1,241

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

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

(Dollars in millions)

Three months ended June 30, 2025 Term Whole life Deferred annuity Universal life Total

Three months ended September 30, 2025 Term Whole life Deferred annuity Universal life Total

Balance, beginning of period $ 251 $ 53 $ 7 $ 51 $ 362

2 unchanged sentences

Balance, end of period $ 254 $ 54 $ 8 $ 50 $ 366

Three months ended June 30, 2024

Three months ended September 30, 2024

Balance, beginning of period $ 241 $ 50 $ 8 $ 52 $ 351

3 unchanged sentences

(Dollars in millions)

Six months ended June 30, 2025 Term Whole life Deferred annuity Universal life Total

Nine months ended September 30, 2025 Term Whole life Deferred annuity Universal life Total

Balance, beginning of period $ 245 $ 52 $ 8 $ 51 $ 356

2 unchanged sentences

Balance, end of period $ 254 $ 54 $ 8 $ 50 $ 366

Six months ended June 30, 2024

Nine months ended September 30, 2024

Balance, beginning of period $ 236 $ 48 $ 8 $ 52 $ 344

2 unchanged sentences

Balance, end of period $ 243 $ 51 $ 8 $ 52 $ 354

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

NOTE 7 – Accumulated Other Comprehensive Income

Accumulated other comprehensive income (AOCI) includes changes in unrealized gains and losses on investments, changes in pension obligations and changes in life policy reserves, reinsurance recoverable and other as follows:

(Dollars in millions) Three months ended June 30,

(Dollars in millions) Three months ended September 30,

Before tax Income tax Net Before tax Income tax Net

23 unchanged sentences

AOCI, end of period $ ( 107 ) $ ( 23 ) $ ( 84 ) $ ( 192 ) $ ( 42 ) $ ( 150 )

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

(Dollars in millions) Six months ended June 30,

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

(Dollars in millions) Nine months ended September 30,

Before tax Income tax Net Before tax Income tax Net

25 unchanged sentences

Amortization of pension obligations is recorded in the insurance losses and contract holders' benefits and underwriting, acquisition and insurance expenses line items in the condensed consolidated statements of income.

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

NOTE 8 – Reinsurance

3 unchanged sentences

The table below summarizes our consolidated property casualty insurance net written premiums, earned premiums and incurred loss and loss expenses:

(Dollars in millions) Three months ended June 30, Six months ended June 30,

(Dollars in millions) Three months ended September 30, Nine months ended September 30,

2025 2024 2025 2024

11 unchanged sentences

Incurred loss and loss expenses $ 1,464 $ 1,499 $ 4,938 $ 4,181

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

Our life insurance company purchases reinsurance for protection of a portion of the risks that are written.

1 unchanged sentence

The table below summarizes our consolidated life insurance earned premiums and contract holders' benefits incurred:

(Dollars in millions) Three months ended June 30, Six months ended June 30,

(Dollars in millions) Three months ended September 30, Nine months ended September 30,

2025 2024 2025 2024

6 unchanged sentences

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 June 30, 2025, and December 31, 2024, respectively.

The allowances for credit losses on other premiums receivable and reinsurance recoverable assets were immaterial at June 30, 2025, and December 31, 2024.

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

The allowance for uncollectible property casualty premiums receivable was $ 18 million at both September 30, 2025, and December 31, 2024.

The allowances for credit losses on other premiums receivable and reinsurance recoverable assets were immaterial at September 30, 2025, and December 31, 2024.

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

NOTE 9 – Income Taxes

The differences between the 21 % statutory federal income tax rate and our effective income tax rate were as follows:

(Dollars in millions) Three months ended June 30, Six months ended June 30,

(Dollars in millions) Three months ended September 30, Nine months ended September 30,

2025 2024 2025 2024

8 unchanged sentences

The One Big Beautiful Bill Act (the “Tax Act”) was enacted on July 4, 2025, and makes permanent several provisions from the 2017 Tax Cuts and Jobs Act.

We do not expect the enactment of the Tax Act to have a material impact on our financial statements.

Applicable impacts of the Tax Act have been reflected in the tax provision

at September 30, 2025, and do not have a material impact on our consolidated financial statements.

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.

2 unchanged sentences

As a result, we have no valuation allowance for our U.S.

domestic operations or Cincinnati Global at both June 30, 2025, and December 31, 2024.

domestic operations or Cincinnati Global at both September 30, 2025, and December 31, 2024.

Cincinnati Global

Cincinnati Global had no operating loss carryforwards in the United States and $ 59 million and $ 78 million in the United Kingdom at June 30, 2025, and December 31, 2024, respectively.

Cincinnati Global had no operating loss carryforwards in the United States and $ 50 million and $ 78 million in the United Kingdom at September 30, 2025, and December 31, 2024, respectively.

These Cincinnati Global losses can only be utilized within the Cincinnati Global group.

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

NOTE 10 – Net Income Per Common Share

2 unchanged sentences

The table shows calculations for basic and diluted earnings per share:

(In millions, except per share data) Three months ended June 30, Six months ended June 30,

(In millions, except per share data) Three months ended September 30, Nine months ended September 30,

2025 2024 2025 2024

12 unchanged sentences

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 and six months ended June 30, 2025 and 2024.

The above table shows the number of anti-dilutive share-based awards for the three and nine months ended September 30, 2025 and 2024.

NOTE 11 – Employee Retirement Benefits

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

(Dollars in millions) Three months ended June 30, Six months ended June 30,

(Dollars in millions) Three months ended September 30, Nine months ended September 30,

2025 2024 2025 2024

8 unchanged sentences

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 $ 8 million and $ 7 million to our 401(k) and Top Hat savings plans during the second quarter of 2025 and 2024, respectively, and contributions of $ 19 million and $ 16 million for the first half of 2025 and 2024, respectively.

We made no contributions to our qualified pension plan during the first six months of 2025.

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

We made matching contributions totaling $ 7 million to our 401(k) and Top Hat savings plans during both the third quarter of 2025 and 2024 and contributions of $ 26 million and $ 23 million for the first nine months of 2025 and 2024, respectively.

We made no contributions to our qualified pension plan during the first nine months of 2025.

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

NOTE 12 – Commitments and Contingent Liabilities

23 unchanged sentences

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 Second-Quarter 2025 10-Q

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

Segment information is summarized in the following table:

(Dollars in millions) Three months ended June 30, Six months ended June 30,

(Dollars in millions) Three months ended September 30, Nine months ended September 30,

2025 2024 2025 2024

12 unchanged sentences

Underwriting expenses 233 196 665 554

Total personal lines loss before income taxes ( 14 ) ( 42 ) ( 371 ) ( 5 )

Total personal lines income (loss) before income taxes 99 ( 69 ) ( 272 ) ( 74 )

Excess and surplus lines insurance

29 unchanged sentences

Total income before income taxes $ 1,413 $ 1,040 $ 2,140 $ 2,379

Cincinnati Financial Corporation Second-Quarter 2025 10-Q

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

Identifiable assets by segment are summarized in the following table:

(Dollars in millions) June 30, December 31,

(Dollars in millions) September 30, December 31,

Identifiable assets:

5 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements