What changed in this filing

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Item 1. Financial Statements

2026-04-27 compared with 2025-10-27 · 120 added, 238 removed, 675 unchanged (35% of the section changed)

2 unchanged sentences

Condensed Consolidated Balance Sheets

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

(Dollars in millions, except per share data) March 31, 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 Third-Quarter 2025 10-Q

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Cincinnati Financial Corporation and Subsidiaries

Condensed Consolidated Statements of Income

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

2025 2024 2025 2024

(Dollars in millions, except per share data) Three months ended March 31,

Earned premiums $ 2,604 $ 2,344

10 unchanged sentences

Total benefits and expenses 2,537 2,694

Income Before Income Taxes 1,413 1,040 2,140 2,379

Provision for Income Taxes

Income (Loss) Before Income Taxes 326 ( 128 )

Provision (Benefit) for Income Taxes

Current 134 ( 42 )

Deferred ( 82 ) 4

Total provision for income taxes 291 220 423 492

Net Income $ 1,122 $ 820 $ 1,717 $ 1,887

Total provision (benefit) for income taxes 52 ( 38 )

Net Income (Loss) $ 274 $ ( 90 )

Per Common Share

Net income — basic $ 7.19 $ 5.25 $ 10.99 $ 12.06

Net income — diluted 7.11 5.20 10.88 11.97

Net income (loss) — basic $ 1.77 $ ( 0.57 )

Net income (loss) — diluted 1.75 ( 0.57 )

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

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Cincinnati Financial Corporation and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income

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

2025 2024 2025 2024

Net Income $ 1,122 $ 820 $ 1,717 $ 1,887

(Dollars in millions) Three months ended March 31,

Net Income (Loss) $ 274 $ ( 90 )

Other Comprehensive Income (Loss)

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

Change in unrealized gains and losses on investments, net of tax (benefit) of $( 46 ) and $ 14 , respectively

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

Change in life policy reserves, reinsurance recoverable and other, net of tax (benefit) of $ 6 and $( 3 ), respectively

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

Other comprehensive income 165 320 225 285

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

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 Third-Quarter 2025 10-Q

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Cincinnati Financial Corporation and Subsidiaries

Condensed Consolidated Statements of Shareholders' Equity

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

2025 2024 2025 2024

(Dollars in millions) Three months ended March 31,

Beginning of period $ 397 $ 397

5 unchanged sentences

Share-based compensation 15 15

Other 2 2 6 5

End of period 1,561 1,511

1 unchanged sentence

Beginning of period 16,719 14,869

Net income 1,122 820 1,717 1,887

Net income (loss) 274 ( 90 )

Dividends declared ( 145 ) ( 135 )

2 unchanged sentences

Beginning of period ( 34 ) ( 309 )

Other comprehensive income 165 320 225 285

Other comprehensive income (loss) ( 151 ) 38

End of period ( 185 ) ( 271 )

4 unchanged sentences

Shares acquired - share-based compensation plans ( 6 ) ( 3 )

Other — 1 1 1

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

5 unchanged sentences

Shares acquired - share repurchase authorization ( 1.1 ) ( 0.3 )

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

Other — 0.1 — 0.1

End of period 154.6 156.3

1 unchanged sentence

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

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Cincinnati Financial Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Dollars in millions) Nine months ended September 30,

(Dollars in millions) Three months ended March 31,

Cash Flows From Operating Activities

Net income $ 1,717 $ 1,887

Net income (loss) $ 274 $ ( 90 )

Adjustments to reconcile net income to net cash provided by operating activities:

34 unchanged sentences

Supplemental Disclosures of Cash Flow Information:

Interest paid $ 27 $ 27

Income taxes paid 4 2

4 unchanged sentences

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

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

Cincinnati Financial Corporation First-Quarter 2026 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 September 30, 2025, condensed consolidated financial statements are unaudited.

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.

2 unchanged sentences

Pending Accounting Updates

ASU 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures

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.

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, cash flows or disclosures in our annual financial statements .

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

2 unchanged sentences

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.

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.

6 unchanged sentences

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

Cincinnati Financial Corporation First-Quarter 2026 10-Q

NOTE 2 – Investments

2 unchanged sentences

cost Gross unrealized Fair value

At September 30, 2025 gains losses

At March 31, 2026 gains losses

Fixed-maturity:

19 unchanged sentences

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

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 increase in net unrealized investment losses in our fixed-maturity portfolio at March 31, 2026, is primarily due to an increase in U.S.

Treasury yields and a widening of corporate credit spreads.

Our asset-backed securities had an average rating of Aa2/AA at both March 31, 2026 and December 31, 2025.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

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 September 30, 2025 Fair

At March 31, 2026 Fair

value Unrealized

16 unchanged sentences

United States government 69 — 20 1 89 1

Foreign government — — 3 — 3 —

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

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:

1 unchanged sentence

value % of fair

At September 30, 2025

At March 31, 2026

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 Third-Quarter 2025 10-Q

Cincinnati Financial Corporation First-Quarter 2026 10-Q

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

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

2025 2024 2025 2024

(Dollars in millions) Three months ended March 31,

Investment income:

1 unchanged sentence

Dividends 76 67

Other 4 7 16 18

Total 323 284

11 unchanged sentences

Subtotal — ( 2 )

Other 6 3 18 29

Total $ ( 70 ) $ ( 67 )

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 $ 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

The fair value of our equity portfolio was $ 12.569 billion and $ 12.694 billion at March 31, 2026, and December 31, 2025, respectively.

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

The allowance for credit losses on fixed-maturity securities was $ 54 million at both March 31, 2026, and December 31, 2025.

Reductions in the allowance for credit losses for securities sold were $ 1 million for the three months ended March 31, 2026.

There were 3,356 and 2,597 fixed-maturity investments in a total unrealized loss position of $ 532 million and $ 397 million at March 31, 2026, and December 31, 2025, respectively.

Of those totals, 17 and 13 fixed-maturity securities had fair values below 70 % of amortized cost at March 31, 2026, and December 31, 2025, respectively.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

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 September 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 March 31, 2026, and December 31, 2025.

We do not have any liabilities carried at fair value.

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

At September 30, 2025

At March 31, 2026

Fixed maturities, available for sale:

29 unchanged sentences

Total $ 12,971 $ 19,003 $ — $ 31,974

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.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

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

2 unchanged sentences

(Dollars in millions) Book value Principal amount

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

issue March 31, December 31, March 31, December 31,

2026 2025 2026 2025

5 unchanged sentences

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

At September 30, 2025

At March 31, 2026

Note payable $ — $ 25 $ — $ 25

9 unchanged sentences

Total $ — $ 874 $ — $ 874

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

Cincinnati Financial Corporation First-Quarter 2026 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 September 30, 2025

At March 31, 2026

Life policy loans $ — $ — $ 43 $ 43

7 unchanged sentences

Total $ — $ 123 $ 530 $ 653

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

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

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

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

Cincinnati Financial Corporation First-Quarter 2026 10-Q

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 September 30, Nine months ended September 30,

2025 2024 2025 2024

(Dollars in millions) Three months ended March 31,

Gross loss and loss expense reserves, beginning of period $ 11,450 $ 9,937

17 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 $ 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 $ 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.

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.

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 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 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.

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.

This was partially offset by unfavorable reserve development of $ 27 million for the commercial casualty line.

Within personal lines, we recognized favorable reserve development of $ 19 million for the homeowner line.

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

Cincinnati Financial Corporation First-Quarter 2026 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) September 30, 2025 December 31, 2024

(Dollars in millions) March 31, 2026 December 31, 2025

Life policy reserves:

1 unchanged sentence

Whole life 420 426

Other 102 100

Subtotal 1,610 1,629

6 unchanged sentences

Total life policy and investment contract reserves $ 2,965 $ 2,992

Cincinnati Financial Corporation First-Quarter 2026 10-Q

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 Third-Quarter 2025 10-Q

(Dollars in millions) Three months ended September 30,

Term Whole life Term Whole life

Present value of expected net premiums:

Balance, beginning of period $ 1,678 $ 220 $ 1,620 $ 215

Beginning balance at original discount rate 1,731 226 1,701 225

Effect of changes in cash flow assumptions — — ( 1 ) ( 1 )

Effect of actual variances from expected experience ( 11 ) 1 ( 4 ) —

Adjusted beginning of period balance 1,720 227 1,696 224

Issuances 44 7 34 9

Interest accrual 19 2 20 2

Net premiums collected ( 45 ) ( 8 ) ( 45 ) ( 8 )

Ending balance at original discount rate 1,738 228 1,705 227

Effect of changes in discount rate assumptions ( 27 ) ( 3 ) 3 —

Balance, end of period 1,711 225 1,708 227

Present value of expected future policy benefits:

Balance, beginning of period 2,720 634 2,634 619

Beginning balance at original discount rate 2,821 651 2,772 636

Effect of changes in cash flow assumptions — ( 1 ) ( 1 ) ( 2 )

Effect of actual variances from expected experience ( 16 ) 1 ( 7 ) ( 1 )

Adjusted beginning of period balance 2,805 651 2,764 633

Issuances 44 7 34 8

Interest accrual 32 8 32 8

Benefits paid ( 37 ) ( 9 ) ( 48 ) ( 8 )

Ending balance at original discount rate 2,844 657 2,782 641

Effect of changes in discount rate assumptions ( 52 ) ( 3 ) 12 27

Balance, end of period 2,792 654 2,794 668

Net liability for future policy benefits:

Present value of expected future policy benefits less expected net premiums 1,081 429 1,086 441

Impact of flooring at cohort level 18 1 22 —

Net life policy reserves 1,099 430 1,108 441

Less reinsurance recoverable at original discount rate ( 67 ) ( 25 ) ( 92 ) ( 25 )

Less effect of discount rate assumption changes on reinsurance recoverable ( 8 ) ( 4 ) ( 10 ) ( 5 )

Net life policy reserves, after reinsurance recoverable $ 1,024 $ 401 $ 1,006 $ 411

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

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

(Dollars in millions) Nine months ended September 30,

(Dollars in millions) Three months ended March 31,

Term Whole life Term Whole life

31 unchanged sentences

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

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

Cincinnati Financial Corporation Third-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 $ 1 million and $ 3 million at March 31, 2026 and 2025, respectively.

Cincinnati Financial Corporation First-Quarter 2026 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 September 30,

(Dollars in millions) At March 31,

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 September 30, Nine months ended September 30,

2025 2024 2025 2024

(Dollars in millions) Three months ended March 31,

Gross premiums

6 unchanged sentences

Total $ 19 $ 19

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 .

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 September 30,

Interest accretion rate 5.28 % 5.20 %

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 Third-Quarter 2025 10-Q

Cincinnati Financial Corporation First-Quarter 2026 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 September 30, Nine months ended September 30,

2025 2024 2025 2024

Deferred annuity Universal life Deferred annuity Universal life Deferred annuity Universal life Deferred annuity Universal life

(Dollars in millions) Three months ended March 31,

Deferred annuity Universal life Deferred annuity Universal life

Balance, beginning of period $ 554 $ 451 $ 595 $ 456

11 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 September 30, 2025

At March 31, 2026

Deferred annuity

7 unchanged sentences

Total $ 318 $ 53 $ 61 $ 17 $ 449

At September 30, 2024

At March 31, 2025

Deferred annuity

7 unchanged sentences

Total $ 326 $ 55 $ 70 $ 6 $ 457

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

Cincinnati Financial Corporation First-Quarter 2026 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 September 30, Nine months ended September 30,

2025 2024 2025 2024

(Dollars in millions) Three months ended March 31,

Balance, beginning of period $ 138 $ 130

14 unchanged sentences

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

(Dollars in millions) Three months ended March 31,

Balance, beginning of period $ 981 $ 952

4 unchanged sentences

Cash surrender value $ 986 $ 949

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

Cincinnati Financial Corporation First-Quarter 2026 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 September 30, Nine months ended September 30,

2025 2024 2025 2024

(Dollars in millions) Three months ended March 31,

Property casualty:

12 unchanged sentences

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

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 September 30, 2025 Term Whole life Deferred annuity Universal life Total

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

Capitalized deferred policy acquisition costs 9 1 1 — 11

Amortized deferred policy acquisition costs ( 6 ) — — ( 1 ) ( 7 )

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

Three months ended September 30, 2024

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

Capitalized deferred policy acquisition costs 9 1 — 1 11

Amortized deferred policy acquisition costs ( 7 ) — — ( 1 ) ( 8 )

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

(Dollars in millions)

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

Three months ended March 31, 2026 Term Whole life Deferred annuity Universal life Total

Balance, beginning of period $ 257 $ 55 $ 8 $ 50 $ 370

2 unchanged sentences

Balance, end of period $ 260 $ 56 $ 8 $ 49 $ 373

Nine months ended September 30, 2024

Three months ended March 31, 2025

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

2 unchanged sentences

Balance, end of period $ 248 $ 53 $ 8 $ 51 $ 360

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

Cincinnati Financial Corporation First-Quarter 2026 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 September 30,

Before tax Income tax Net Before tax Income tax Net

AOCI, beginning of period $ ( 458 ) $ ( 99 ) $ ( 359 ) $ ( 700 ) $ ( 151 ) $ ( 549 )

OCI before investment gains and losses, net, recognized in net income 242 51 191 411 88 323

Investment gains and losses, net, recognized in net income ( 1 ) — ( 1 ) 86 18 68

OCI 241 51 190 497 106 391

AOCI, end of period $ ( 217 ) $ ( 48 ) $ ( 169 ) $ ( 203 ) $ ( 45 ) $ ( 158 )

Pension obligations:

AOCI, beginning of period $ 73 $ 17 $ 56 $ 31 $ 8 $ 23

OCI excluding amortization recognized in net income — — — — — —

Amortization recognized in net income — — — — — —

OCI — — — — — —

AOCI, end of period $ 73 $ 17 $ 56 $ 31 $ 8 $ 23

Life policy reserves, reinsurance recoverable and other:

AOCI, beginning of period $ 69 $ 15 $ 54 $ 71 $ 15 $ 56

OCI before investment gains and losses, net, recognized in net income ( 32 ) ( 7 ) ( 25 ) ( 91 ) ( 20 ) ( 71 )

Investment gains and losses, net, recognized in net income — — — — — —

OCI ( 32 ) ( 7 ) ( 25 ) ( 91 ) ( 20 ) ( 71 )

AOCI, end of period $ 37 $ 8 $ 29 $ ( 20 ) $ ( 5 ) $ ( 15 )

Summary of AOCI:

AOCI, beginning of period $ ( 316 ) $ ( 67 ) $ ( 249 ) $ ( 598 ) $ ( 128 ) $ ( 470 )

Investments OCI 241 51 190 497 106 391

Pension obligations OCI — — — — — —

Life policy reserves, reinsurance recoverable and other OCI ( 32 ) ( 7 ) ( 25 ) ( 91 ) ( 20 ) ( 71 )

Total OCI 209 44 165 406 86 320

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

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

(Dollars in millions) Nine months ended September 30,

(Dollars in millions) Three months ended March 31,

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 Third-Quarter 2025 10-Q

Cincinnati Financial Corporation First-Quarter 2026 10-Q

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.

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 September 30, Nine months ended September 30,

2025 2024 2025 2024

(Dollars in millions) Three months ended March 31,

Direct written premiums $ 2,507 $ 2,388

10 unchanged sentences

Incurred loss and loss expenses $ 1,667 $ 1,887

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

Cincinnati Financial Corporation First-Quarter 2026 10-Q

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.

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 September 30, Nine months ended September 30,

2025 2024 2025 2024

(Dollars in millions) Three months ended March 31,

Direct earned premiums $ 105 $ 99

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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 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

The allowance for uncollectible property casualty premiums receivable was $ 18 million at both March 31, 2026, and December 31, 2025.

The allowances for credit losses on other premiums receivable and reinsurance recoverable assets were immaterial at March 31, 2026, and December 31, 2025.

Cincinnati Financial Corporation First-Quarter 2026 10-Q

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 September 30, Nine months ended September 30,

2025 2024 2025 2024

(Dollars in millions) Three months ended March 31,

Tax at statutory rate:

1 unchanged sentence

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 for income taxes $ 291 20.6 % $ 220 21.2 % $ 423 19.8 % $ 492 20.7 %

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

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.

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.

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.

2 unchanged sentences

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

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

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 $ 50 million and $ 78 million in the United Kingdom at September 30, 2025, and December 31, 2024, respectively.

Cincinnati Global had no operating loss carryforwards in the United States and $ 36 million and $ 50 million in the United Kingdom at March 31, 2026, and December 31, 2025, respectively.

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

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

NOTE 10 – Net Income Per Common Share

Cincinnati Financial Corporation First-Quarter 2026 10-Q

NOTE 10 – Net Income (Loss) Per Common Share

Basic earnings per share are computed based on the weighted average number of common shares outstanding.

1 unchanged sentence

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

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

2025 2024 2025 2024

Net income—basic and diluted

(In millions, except per share data) Three months ended March 31,

Net income (loss)—basic and diluted

$ 274 $ ( 90 )

4 unchanged sentences

Diluted weighted-average shares 157.0 156.4

Earnings per share:

Earnings (loss) per share:

Basic $ 1.77 $ ( 0.57 )

3 unchanged sentences

See our 2025 Annual Report on Form 10-K, Item 8, Note 17, Share-Based Associate Compensation Plans, Page 169, for information about share-based awards.

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

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 September 30, Nine months ended September 30,

2025 2024 2025 2024

(Dollars in millions) Three months ended March 31,

Service cost $ 1 $ 1

2 unchanged sentences

Expected return on plan assets ( 6 ) ( 6 )

Amortization of actuarial (gain) loss and prior service cost — — ( 2 ) 1

Amortization of actuarial gain and prior service cost ( 1 ) ( 1 )

Total non-service benefit ( 3 ) ( 3 )

2 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 2026 and 2025.

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

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

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

Cincinnati Financial Corporation First-Quarter 2026 10-Q

NOTE 12 – Commitments and Contingent Liabilities

14 unchanged sentences

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:

Our five reporting segments are:

• Commercial lines insurance

6 unchanged sentences

See our 2025 Annual Report on Form 10-K, Item 8, Note 18, Segment Information, Page 172, for a description of revenue, income or loss before inco me taxes, including its components, an d identifiable assets for each of the five segments.

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Segment information is summarized in the following table:

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

2025 2024 2025 2024

(Dollars in millions) Three months ended March 31,

Commercial lines insurance

42 unchanged sentences

Total benefits and expenses 2,537 2,694

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

Cincinnati Financial Corporation Third-Quarter 2025 10-Q

Total income (loss) before income taxes $ 326 $ ( 128 )

Cincinnati Financial Corporation First-Quarter 2026 10-Q

Identifiable assets by segment are summarized in the following table:

(Dollars in millions) September 30, December 31,

(Dollars in millions) March 31, 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