34 unchanged sentences
and the potential for nonpayment or delay in payment by reinsurers
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
• Domestic and global events, such as the wars in Ukraine and in the Middle East, future pandemics, inflationary trends, changes in U.S.
26 unchanged sentences
• Delays, inadequate data developed internally or from third parties, or performance inadequacies from ongoing development and implementation of underwriting and pricing models and methods, including usage-based insurance methods, automation, artificial intelligence, or technology projects and enhancements expected to increase our efficiency, pricing accuracy, underwriting profit, and competitiveness
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
• Intense competition, and the impact of innovation, emerging technologies, artificial intelligence and changing customer preferences on the insurance industry and the markets in which we operate, could harm our ability to maintain or increase our business volumes and profitability
22 unchanged sentences
Risks and uncertainties are further discussed in other filings with the Securities and Exchange Commission, including our 2025 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 30.
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
CORPORATE FINANCIAL HIGHLIGHTS
Net Income and Comprehensive Income Data
−Removed: (Dollars in millions, except per share data) Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 % Change 2025 2024 % Change
+Added: (Dollars in millions, except per share data) Three months ended March 31,
+Added: 2026 2025 % Change
Earned premiums $ 2,604 $ 2,344 11
2 unchanged sentences
Total revenues 2,863 2,566 12
−Removed: Net income 1,122 820 37 1,717 1,887 (9)
−Removed: Comprehensive income 1,287 1,140 13 1,942 2,172 (11)
−Removed: Net income per share—diluted 7.11 5.20 37 10.88 11.97 (9)
+Added: Net income (loss) 274 (90) nm
+Added: Comprehensive income (loss) 123 (52) nm
+Added: Net income (loss) per share—diluted 1.75 (0.57) nm
Cash dividends declared per share 0.94 0.87 8
Diluted weighted average shares outstanding 157.0 156.4 0
−Removed: Total revenues increased $406 million for the third quarter of 2025, compared with the third quarter of 2024, including higher earned premiums, net investment gains and investment income.
−Removed: For the first nine months of 2025, compared with the same period of 2024, total revenues increased $741 million, primarily due to higher earned premiums and investment income offset by a decrease in net investment gains.
+Added: Total revenues increased $297 million for the first quarter of 2026, compared with the first quarter of 2025, primarily due to higher earned premiums and investment income.
Premium and investment revenue trends are discussed further in the respective sections of Financial Results.
2 unchanged sentences
The change in fair value of securities is also generally independent of the insurance underwriting process.
−Removed: Net income for the third quarter of 2025, compared with the third quarter of 2024, increased $302 million, including increases of $77 million in after-tax net investment gains and losses, $182 million in after-tax property casualty underwriting profit and $30 million in after-tax investment income.
−Removed: Catastrophe losses for the third quarter of 2025, mostly weather related, were $152 million lower after taxes and contributed favorably to both net income and property casualty underwriting profit.
−Removed: Life insurance segment results increased by $7 million on a pretax basis.
−Removed: For the first nine months of 2025, net income decreased $170 million, compared with the first nine months of 2024,
−Removed: including decreases of $193 million in after-tax investment gains and losses and $83 million in after-tax property casualty underwriting income, partially offset by an increase of $92 million in after-tax investment income.
−Removed: The property casualty underwriting income decrease included an unfavorable $248 million after-tax effect from higher catastrophe losses.
+Added: Net income for the first quarter of 2026, compared with the first-quarter 2025 net loss, increased $364 million, including increases of $326 million in after-tax property casualty underwriting profit and $31 million in after-tax investment income.
+Added: Catastrophe losses for the first quarter of 2026, mostly weather related, were $233 million lower after taxes and contributed favorably to both net income and property casualty underwriting profit.
Life insurance segment results increased by $2 million on a pretax basis.
5 unchanged sentences
In January 2026, the board of directors increased the regular quarterly dividend to 94 cents per share, setting the stage for our 66 th consecutive year of increasing cash dividends.
−Removed: During the first nine months of 2025, cash dividends declared by the company increased 7% compared with the same period of 2024.
+Added: During the first three months of 2026, cash dividends declared by the company increased 8% compared with the same period of 2025.
Our board regularly evaluates relevant factors in decisions related to dividends and share repurchases.
The 2026 dividend increase reflected our strong operating performance and signaled management's and the board's positive outlook and confidence in our outstanding capital, liquidity and financial flexibility.
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
Balance Sheet Data and Performance Measures
−Removed: (Dollars in millions, except share data) At September 30, At December 31,
+Added: (Dollars in millions, except share data) At March 31, At December 31,
Total investments $ 32,001 $ 31,783
5 unchanged sentences
Debt-to-total-capital ratio 4.9 % 4.9 %
−Removed: Total assets at September 30, 2025, increased 11% compared with year-end 2024, and included an increase of 10% in total investments that reflected net purchases and higher fair values for many securities in our equity portfolio.
−Removed: Shareholders' equity increased 11% and book value per share also increased 11% during the first nine months of 2025.
−Removed: Our debt-to-total-capital ratio (capital is the sum of debt plus shareholders' equity) decreased slightly compared with year-end 2024.
+Added: Total assets at March 31, 2026, increased 1% compared with year-end 2025, and included an increase of 1% in total investments that reflected net purchases that were offset by lower fair values for many securities in our equity and fixed maturity portfolios.
+Added: Shareholders' equity decreased 1% and book value per share also decreased 1% during the first three months of 2026.
+Added: Our debt-to-total-capital ratio (capital is the sum of debt plus shareholders' equity) matched year-end 2025.
Our value creation ratio is our primary performance metric.
−Removed: As shown in the tables below, that ratio was 13.8% for the first nine months of 2025, compared with 17.8% for the same period in 2024.
−Removed: The decrease was primarily due to a reduction in overall net gains from our investment portfolio.
−Removed: Book value per share increased $9.65 during the first nine months of 2025 and contributed 10.9 percentage points to the value creation ratio, while dividends declared at $2.61 per share contributed 2.9 points.
+Added: As shown in the tables below, that ratio was 0.2% for the first three months of 2026, compared with negative 0.5% for the same period in 2025.
+Added: The increase was primarily due to an increase in net income before investment gains which was partially offset by a reduction in overall net gains from our investment portfolio.
+Added: Book value per share decreased $0.75 during the first three months of 2026 and contributed negative 0.7 percentage points to the value creation ratio, while dividends declared at $0.94 per share contributed 0.9 points.
Value creation ratio major contributors and in total, along with calculations from per-share amounts, are shown in the tables below.
−Removed: Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 2025 2024
+Added: Three months ended March 31,
Value creation ratio major contributors:
4 unchanged sentences
Value creation ratio 0.2 % (0.5) %
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
−Removed: (Dollars are per share) Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 2025 2024
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
+Added: (Dollars are per share) Three months ended March 31,
Value creation ratio:
11 unchanged sentences
DRIVERS OF LONG-TERM VALUE CREATION
−Removed: Operating through The Cincinnati Insurance Company, Cincinnati Financial Corporation is one of the 25 largest property casualty insurers in the nation, based on 2024 net written premiums for approximately 2,000 U.S.
−Removed: stock and mutual insurer groups.
+Added: Operating through The Cincinnati Insurance Company, Cincinnati Financial Corporation is one of the 25 largest property casualty insurers in the nation, based on 2025 net written premiums for more than 2,000 U.S.
+Added: stock and mutual insurance companies.
We market our insurance products through a select group of independent insurance agencies as discussed in our 2025 Annual Report on Form 10-K, Item 1, Our Business and Our Strategy, Page 6.
−Removed: At September 30, 2025, we actively marketed through 2,275 agencies located in 46 states.
+Added: At March 31, 2026, we actively marketed through 2,361 agencies located in 46 states.
We maintain a long-term perspective that guides us in addressing immediate challenges or opportunities while focusing on the major decisions that best position our company for success through all market cycles.
2 unchanged sentences
• Premium growth – We believe our agency relationships and initiatives can lead to a property casualty written premium growth rate over any five-year period that exceeds the industry average.
−Removed: For the first nine months of 2025, our consolidated property casualty net written premium year-over-year growth was 10%, comparing favorably with the industry's 6% growth rate reported by A.M.
−Removed: Best for the first six months of 2025.
+Added: For the first three months of 2026, our consolidated property casualty net written premium year-over-year growth was 7%.
+Added: As of February 2026, A.M.
+Added: Best projected the industry's full-year 2026 written premium growth at approximately 4%.
For the five-year period 2021 through 2025, our growth rate exceeded that of the industry.
1 unchanged sentence
• Combined ratio – We believe our underwriting philosophy and initiatives can generate an average GAAP combined ratio over any five-year period that is consistently within the range of 92% to 98%.
−Removed: For the first nine months of 2025, our GAAP combined ratio was 98.4%, including 14.2 percentage points of current accident year catastrophe losses partially offset by 2.5 percentage points of favorable loss reserve development on prior accident years.
−Removed: Our statutory combined ratio was 97.7% for the first nine months of 2025, comparing unfavorably with the industry's 96.4% reported by A.M.
−Removed: Best for the first six months of 2025.
+Added: For the first three months of 2026, our GAAP combined ratio was 95.6%, including 11.3 percentage points of current accident year catastrophe losses partially offset by 3.2 percentage points of favorable loss reserve development on prior accident years.
+Added: Our statutory combined ratio was 95.6% for the first three months of 2026.
+Added: As of February 2026, A.M.
+Added: Best projected the industry's full-year 2026 statutory combined ratio at approximately 97%, including approximately 8 percentage points of catastrophe losses and a favorable effect of approximately 1 percentage point of loss reserve development on prior accident years.
The industry's ratio again excludes its mortgage and financial guaranty lines of business.
• Investment contribution – We believe our investment philosophy and initiatives can drive investment income growth and lead to a total return on our equity investment portfolio over a five-year period that exceeds the five-year return of the Standard & Poor's 500 Index.
−Removed: For the first nine months of 2025, pretax investment income was $860 million, up 15% compared with the same period in 2024.
+Added: For the first three months of 2026, pretax investment income was $318 million, up 14% compared with the same period in 2025.
We believe our investment portfolio mix provides an appropriate balance of income stability and growth with capital appreciation potential.
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
Financial Strength
4 unchanged sentences
Our strong parent-company liquidity and financial strength increase our flexibility to maintain a cash dividend through all periods and to continue to invest in and expand our insurance operations.
−Removed: At September 30, 2025, we held $5.579 billion of our cash and cash equivalents and invested assets at the parent-company level, of which $5.052 billion, or 90.6%, was invested in common stocks, and $249 million, or 4.5%, was cash or cash equivalents.
−Removed: Our debt-to-total-capital ratio was 5.0% at September 30, 2025.
−Removed: Another important indicator of financial strength is our ratio of property casualty net written premiums to statutory surplus, which was 1.0-to-1 for the 12 months ended September 30, 2025, matching year-end 2024.
+Added: At March 31, 2026, we held $5.584 billion of our cash and cash equivalents and invested assets at the parent-company level, of which $4.964 billion, or 88.9%, was invested in common stocks, and $422 million, or 7.6%, was cash or cash equivalents.
+Added: Our debt-to-total-capital ratio was 4.9% at March 31, 2026.
+Added: Another important indicator of financial strength is our ratio of property casualty net written premiums to statutory surplus, which was 1.0-to-1 for the 12 months ended March 31, 2026, matching year-end 2025.
Financial strength ratings assigned to us by independent rating firms also are important.
4 unchanged sentences
please see each rating agency's website for its most recent report on our ratings.
−Removed: At October 24, 2025, our insurance subsidiaries continued to be highly rated.
+Added: At April 24, 2026, our insurance subsidiaries continued to be highly rated.
Insurer Financial Strength Ratings
10 unchanged sentences
A+ Strong 5 of 21 A+ Strong 5 of 21 - - - Stable
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
CONSOLIDATED PROPERTY CASUALTY INSURANCE HIGHLIGHTS
1 unchanged sentence
SM (Cincinnati Global).
−Removed: (Dollars in millions) Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 % Change 2025 2024 % Change
+Added: (Dollars in millions) Three months ended March 31,
+Added: 2026 2025 % Change
Earned premiums $ 2,519 $ 2,264 11
8 unchanged sentences
Underwriting expenses 741 679 9
−Removed: Underwriting profit $ 293 $ 62 373 $ 123 $ 228 (46)
+Added: Underwriting profit (loss) $ 115 $ (298) nm
Ratios as a percent of earned premiums:
9 unchanged sentences
Combined ratio before catastrophe losses and prior years reserve development 87.5 % 90.5 % (3.0)
−Removed: Our consolidated property casualty insurance operations generated an underwriting profit of $293 million for the third quarter and $123 million for the first nine months of 2025.
−Removed: The third-quarter 2025 underwriting profit increase of $231 million, compared with third-quarter 2024, included a favorable decrease of $193 million in losses from catastrophes, mostly caused by severe weather, partially offset by a lower amount of total favorable reserve development on prior accident years.
−Removed: The change in underwriting profitability for the third quarter of 2025 also included a favorable effect from higher current accident year loss and loss expenses before catastrophe losses that grew slower than earned premiums.
−Removed: The nine-month underwriting profit of $123 million, compared with an underwriting profit of $228 million for the first nine months of 2024, included an unfavorable increase of $306 million in current accident year catastrophe losses, mostly caused by the January 2025 wildfires in southern California, and a lower amount of total favorable reserve development on prior accident years.
−Removed: For the first nine months of 2025, the combined ratio before catastrophe losses and prior years reserve development improved by 1.9 percentage points compared with the same period of 2024.
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
−Removed: Underwriting results for the third quarter and first nine months of 2025 included improved current accident year loss experience before catastrophe losses, as price increases have helped to offset recent-year elevated paid losses reflecting economic or other forms of inflation.
−Removed: Elevated inflation was a driver of higher losses and loss expenses in recent years as costs have increased significantly to repair damaged autos or other property that we insure.
−Removed: We also experienced higher losses for liability coverages for some of our lines of business.
+Added: Our consolidated property casualty insurance operations generated an underwriting profit of $115 million for the first quarter of 2026.
+Added: The first-quarter 2026 underwriting profit increase of $413 million, compared with an underwriting loss in first-quarter 2025, included a favorable decrease of $295 million in losses from catastrophes, mostly caused by severe weather, partially offset by a slightly lower amount of total favorable reserve development on prior accident years.
+Added: The change in underwriting profitability for the first quarter of 2026 also included a favorable effect from higher current accident year loss and loss expenses before catastrophe losses that grew slower than earned premiums.
+Added: For the first three months of 2026, the combined ratio before catastrophe losses and prior years reserve development improved by 3.0 percentage points compared with the same period of 2025.
+Added: Underwriting results for the first quarter of 2026 included improved current accident year loss experience before catastrophe losses, as price increases have helped to offset elevated losses reflecting economic or other forms of inflation.
+Added: When estimating the ultimate cost of total loss and loss expenses, we consider many factors, including trends for inflation, historical paid and reported losses, large loss activity and other data or information for the industry or our company.
Due to increased uncertainty regarding ultimate losses, we intend to remain prudent in reserving for estimated ultimate losses until longer-term loss cost trends become more clear.
−Removed: The higher loss experience is discussed in Financial Results by property casualty insurance segment.
We believe future property casualty underwriting results will continue to benefit from price increases and our ongoing initiatives to improve pricing precision and loss experience related to claims and loss control practices.
−Removed: For all property casualty lines of business in aggregate, net loss and loss expense reserves at September 30, 2025, were $1.076 billion, or 11%, higher than at year-end 2024, including an increase of $900 million for the incurred but not reported (IBNR) portion.
+Added: For all property casualty lines of business in aggregate, net loss and loss expense reserves at March 31, 2026, were $466 million, or 4%, higher than at year-end 2025, including an increase of $419 million for the incurred but not reported (IBNR) portion.
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
We measure and analyze property casualty underwriting results primarily by the combined ratio and its component ratios.
2 unchanged sentences
A combined ratio above 100% indicates that an insurance company's losses and expenses exceeded premiums.
−Removed: Our consolidated property casualty combined ratio for the third quarter of 2025 decreased by 9.2 percentage points, compared with the same period of 2024, including a decrease of 9.3 points from catastrophe losses and loss expenses.
−Removed: For the first nine months of 2025, compared with the 2024 nine-month period, our combined ratio increased by 1.9 percentage points, including an increase of 3.2 points from catastrophe losses and loss expenses.
+Added: Our consolidated property casualty combined ratio for the first quarter of 2026 decreased by 17.7 percentage points, compared with the same period of 2025, including a decrease of 14.2 points from catastrophe losses and loss expenses.
Other combined ratio components that changed are discussed below and in further detail in Financial Results by property casualty insurance segment.
1 unchanged sentence
The combined ratio can also be affected by updated estimates of loss and loss expense reserves established for claims that occurred in prior periods, referred to as prior accident years.
−Removed: Net favorable development on prior accident year reserves, including reserves for catastrophe losses, benefited the combined ratio by 2.5 percentage points in the first nine months of 2025, compared with 3.3 percentage points in the same period of 2024.
+Added: Net favorable development on prior accident year reserves, including reserves for catastrophe losses, benefited the combined ratio by 3.2 percentage points in the first three months of 2026, compared with 4.0 percentage points in the same period of 2025.
Net favorable development is discussed in further detail in Financial Results by property casualty insurance segment.
−Removed: The ratio for current accident year loss and loss expenses before catastrophe losses improved in the first nine months of 2025.
−Removed: That 57.4% ratio was 1.2 percentage points lower, compared with the 58.6% accident year 2024 ratio measured as of September 30, 2024, including an increase of 0.2 points in the ratio for large losses of $2 million or more per claim, discussed below.
+Added: The ratio for current accident year loss and loss expenses before catastrophe losses improved in the first three months of 2026.
+Added: That 58.1% ratio was 2.4 percentage points lower, compared with the 60.5% accident year 2025 ratio measured as of March 31, 2025, including a decrease of 1.0 points in the ratio for large losses of $2 million or more per claim, discussed below.
The ratio improvement of 2.4 percentage points included an increase of 0.3 points for the IBNR portion and a decrease of 2.7 points for the case incurred portion.
−Removed: It also included an unfavorable 0.4 points for the net effect of $49 million for reinsurance treaty reinstatement premiums related to the January 2025 wildfires in southern California.
−Removed: The underwriting expense ratio decreased for the third quarter and first nine months of 2025, compared with the same periods a year ago.
−Removed: The decreases were primarily due to premium growth outpacing growth in various expenses.
−Removed: The nine-month 2025 ratio also included an unfavorable 0.2 points for the effect of reinstatement premiums.
+Added: The improvement also reflected a favorable 1.4 points for the effect of $52 million of net reinstatement premiums in first-quarter 2025 related to the January 2025 wildfires in southern California.
+Added: The underwriting expense ratio decreased for the first quarter of 2026, compared with the same period a year ago.
+Added: The decrease was partly due to premium growth outpacing growth in various expenses.
+Added: The three-month 2026 ratio also included a favorable 0.7 points for the effect of first-quarter 2025 reinstatement premiums.
The ratio for both periods also included ongoing expense management efforts.
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
Consolidated Property Casualty Insurance Premiums
−Removed: (Dollars in millions) Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 % Change 2025 2024 % Change
+Added: (Dollars in millions) Three months ended March 31,
+Added: 2026 2025 % Change
Agency renewal written premiums $ 2,045 $ 1,912 7
6 unchanged sentences
Price change trends that heavily influence renewal written premium increases or decreases, along with other premium growth drivers for 2026, are discussed in more detail by segment below in Financial Results.
−Removed: Consolidated property casualty net written premiums for the third quarter and nine months ended September 30, 2025, grew $200 million and $721 million compared with the same periods of 2024.
+Added: Consolidated property casualty net written premiums for the three months ended March 31, 2026, grew $173 million compared with the same period of 2025.
Our premium growth initiatives from prior years have provided an ongoing favorable effect on growth during the current year, particularly as newer agency relationships mature over time.
−Removed: Consolidated property casualty agency new business written premiums decreased by $50 million for the third quarter and $16 million for the first nine months of 2025, compared with the same periods of 2024, largely driven by the personal lines segment.
−Removed: Consolidated property casualty new business written premiums for third-quarter 2025 decreased 12% compared with a 30% increase in the third quarter of 2024.
−Removed: New agency appointments during 2025 and 2024 produced a $72 million increase in standard lines new business for the first nine months of 2025 compared with the same period of 2024.
+Added: Consolidated property casualty agency new business written premiums decreased by $44 million for the first three months of 2026, compared with the same period of 2025, due to the personal lines segment.
+Added: New agency appointments during 2026 and 2025 produced a $19 million increase in new business for the first three months of 2026 compared with the same period of 2025.
As we appoint new agencies that choose to move accounts to us, we report these accounts as new business.
−Removed: While this business is new to us, in many cases it is not new to the agent.
+Added: While this business is new to us, in many cases it is not new to the
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
We believe these seasoned accounts tend to be priced more accurately than business that may be less familiar to our agent upon obtaining it from a competing agent.
−Removed: Net written premiums for Cincinnati Re, included in other written premiums, decreased by $2 million in the third quarter and increased $7 million for the nine months ended September 30, 2025, compared with the same periods of 2024, to $87 million and $505 million, respectively.
+Added: Net written premiums for Cincinnati Re, included in other written premiums, decreased by $1 million to $254 million for the three months ended March 31, 2026, compared with the same period of 2025.
+Added: The first three months of 2025 included a favorable $12 million of net reinstatement premiums to reinstate treaties affected by the California wildfires.
Cincinnati Re assumes risks through reinsurance treaties and in some cases cedes part of the risk and related premiums to one or more unaffiliated reinsurance companies through transactions known as retrocessions.
Cincinnati Global is also included in other written premiums.
−Removed: Net written premiums for Cincinnati Global increased by $5 million in the third quarter and $29 million for the nine months ended September 30, 2025, to $82 million and $255 million, respectively, compared with the same periods of 2024.
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
+Added: Net written premiums for Cincinnati Global increased by $23 million to $98 million for the three months ended March 31, 2026, compared with the same period of 2025.
Other written premiums include premiums ceded to reinsurers as part of our reinsurance ceded program.
−Removed: A decrease in ceded premiums increased net written premiums by $6 million for the third quarter and an increase in ceded premiums decreased net written premiums by $69 million for the first nine months of 2025, compared with the same periods of 2024.
−Removed: Other written premiums for the first nine months of 2025 included a net unfavorable amount of $49 million for reinsurance treaty reinstatement premiums related to the California wildfires, including a favorable $14 million for Cincinnati Re and an unfavorable $63 million for our personal lines insurance segment.
+Added: A decrease in ceded premiums increased net written premiums by $76 million for the first three months of 2026, compared with the same period of 2025.
+Added: Other written premiums for the first quarter of 2025 included a net unfavorable amount of $52 million for reinsurance treaty reinstatement premiums related to the California wildfires, including a favorable $12 million for Cincinnati Re and an unfavorable $64 million for our personal lines insurance segment.
Catastrophe losses and loss expenses typically have a material effect on property casualty results and can vary significantly from period to period.
−Removed: Losses from catastrophes contributed 3.7 and 13.3 percentage points to the combined ratio in the third quarter and first nine months of 2025, compared with 13.0 and 10.1 percentage points in the same periods of 2024.
−Removed: During the third quarter of 2025, there were no material changes to our estimates of ultimate losses related to the California wildfires.
−Removed: Net losses from catastrophes for the first nine months of 2025 included recoveries from reinsurers that participate in our primary property catastrophe reinsurance treaty.
−Removed: There were no material changes during the third quarter to the estimated recovery of $429 million as of March 31, 2025, related to the California wildfires.
−Removed: Effective July 1, 2025, we purchased an additional layer on our property catastrophe reinsurance treaty with a limit of $300 million, increasing the total limit from $1.500 billion to $1.800 billion.
−Removed: We retain 57.2% of losses between $1.500 billion and $1.800 billion.
−Removed: The provisions of this additional layer are similar to those included in the other layers.
−Removed: The annual ceded premiums for this additional coverage are estimated to be less than $5 million.
−Removed: Effective June 1, 2025, we renewed the reinsurance program for Cincinnati Re only, which provides retrocession coverages with various triggers, exclusions and unique features.
−Removed: The program includes property catastrophe excess of loss coverage in excess of $90 million per occurrence with a total available limit of $73 million per occurrence.
−Removed: Ceded premiums for the one-year renewal period of coverage from the program are estimated to be approximately $16 million.
−Removed: There were no material changes during the third quarter to the estimated recovery of $38 million as of March 31, 2025, related to the California wildfires for the Cincinnati Re only program effective June 1, 2024, which expired during the second quarter.
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
+Added: Losses from catastrophes contributed 10.8 percentage points to the combined ratio in the first three months of 2026, compared with 25.0 percentage points in the same period of 2025.
+Added: During the first quarter of 2026, there were no material changes to our estimates of ultimate losses related to the January 2025 California wildfires.
+Added: During 2025 and for the first three months of 2026, there was no recovery from reinsurers related to the reinsurance program for Cincinnati Re only effective June 1, 2025.
+Added: During the first quarter of 2026 there were no material changes to the estimated reinsurance recoveries related to the January 2025 California wildfires recorded as of December 31, 2025.
+Added: Reinsurance ceded programs are described in our 2025 Annual Report on Form 10-K, Item 7, Liquidity and Capital Resources, 2026 Reinsurance Ceded Programs, Page 102.
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
The following table shows consolidated property casualty insurance catastrophe losses and loss expenses incurred, net of reinsurance, as well as the effect of loss development on prior period catastrophe events.
1 unchanged sentence
Consolidated Property Casualty Insurance Catastrophe Losses and Loss Expenses Incurred
−Removed: (Dollars in millions, net of reinsurance) Three months ended September 30, Nine months ended September 30,
−Removed: Dates Region lines lines lines Other Total lines lines lines Other Total
−Removed: 7-28 West $ — $ 1 $ — $ — $ 1 $ — $ 325 $ — $ 123 $ 448
+Added: (Dollars in millions, net of reinsurance) Three months ended March 31,
+Added: Dates Region lines lines lines Other Total
23-29 Midwest, Northeast, South $ 15 $ 29 $ — $ 2 $ 46
10-12 Midwest, South 10 30 — — 40
−Removed: May 15-16 Midwest, Northeast 7 19 — 2 28 29 83 1 2 115
+Added: 13-14 Midwest, Northeast, South 29 34 — — 63
+Added: 26-27 Midwest 35 3 — — 38
All other 2026 catastrophes 32 53 1 12 98
−Removed: Development on 2024 and prior
−Removed: catastrophes (5) (8) — (3) (16) (22) (34) (1) (6) (63)
+Added: Development on 2025 and prior catastrophes (1) (2) (1) (9) (13)
Calendar year incurred total $ 120 $ 147 $ — $ 5 $ 272
−Removed: 12-17 Midwest, South $ (4) $ 4 $ — $ — $ — $ 30 $ 32 $ — $ — $ 62
+Added: 7-28 West $ — $ 325 $ — $ 124 $ 449
14-17 Midwest, Northeast, South 42 75 1 — 118
−Removed: May 6-10 Midwest, South — 2 1 — 3 19 30 1 — 50
−Removed: May 25-26 Midwest, South 2 1 1 — 4 38 29 2 — 69
−Removed: 13 - 18 Midwest, Northeast 18 11 — — 29 18 11 — — 29
−Removed: 25 - 28 Midwest, South (Helene) 35 117 — 26 178 35 117 — 26 178
All other 2025 catastrophes 14 23 1 3 41
−Removed: Development on 2023 and prior
−Removed: catastrophes (5) (5) — (8) (18) (20) (32) — (19) (71)
+Added: Development on 2024 and prior catastrophes (14) (13) (1) (13) (41)
Calendar year incurred total $ 42 $ 410 $ 1 $ 114 $ 567
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
The following table includes data for losses incurred of $2 million or more per claim, net of reinsurance.
Consolidated Property Casualty Insurance Losses Incurred by Size
−Removed: (Dollars in millions, net of reinsurance) Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 % Change 2025 2024 % Change
+Added: (Dollars in millions, net of reinsurance) Three months ended March 31,
+Added: 2026 2025 % Change
Current accident year losses greater than $5 million $ 8 $ 26 (69)
17 unchanged sentences
Our analysis continues to indicate no unexpected concentration of large losses and case reserve increases by risk category, geographic region, policy inception, agency or field marketing territory.
−Removed: The third-quarter 2025 property casualty total large losses incurred of $132 million, net of reinsurance, was higher than the $70 million quarterly average during full-year 2024 and the $88 million experienced for the third quarter of 2024.
−Removed: The ratio for these large losses was 1.3 percentage points higher compared with last year's third quarter.
−Removed: The third-quarter 2025 amount of total large losses incurred unfavorably contributed to the increase in the nine-month 2025 total large loss ratio, compared with 2024, in addition to a first-half 2025 ratio that was 1.1 points higher than the first half of 2024.
−Removed: We believe results for the three- and nine-month periods largely reflected normal fluctuations in loss patterns and normal variability in large case reserves for claims above $2 million.
+Added: The first-quarter 2026 property casualty total large losses incurred of $78 million, net of reinsurance, was lower than the $111 million quarterly average during full-year 2025 and the $102 million experienced for the first quarter of 2025.
+Added: The ratio for these large losses was 1.4 percentage points lower compared with last year's first quarter.
+Added: We believe results for the three-month period largely reflected normal fluctuations in loss patterns and normal variability in large case reserves for claims above $2 million.
Losses by size are discussed in further detail in results of operations by property casualty insurance segment.
6 unchanged sentences
• Investments
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
COMMERCIAL LINES INSURANCE RESULTS
−Removed: (Dollars in millions) Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 % Change 2025 2024 % Change
+Added: (Dollars in millions) Three months ended March 31,
+Added: 2026 2025 % Change
Earned premiums $ 1,241 $ 1,179 5
21 unchanged sentences
Performance highlights for the commercial lines segment include:
−Removed: • Premiums – Earned premiums and net written premiums for the commercial lines segment grew during the third quarter and first nine months of 2025, compared with the same periods a year ago, primarily due to agency renewal written premium growth that continued to include higher average pricing.
+Added: • Premiums – Earned premiums and net written premiums for the commercial lines segment grew during the first three months of 2026, compared with the same period a year ago, primarily due to agency renewal written premium growth that continued to include higher average pricing.
The table below analyzes the primary components of premiums.
1 unchanged sentence
We seek to maintain appropriate pricing discipline for both new and renewal business as our agents and underwriters assess account quality to make careful decisions on a policy-by-policy basis whether to write or renew a policy.
−Removed: Agency renewal written premiums increased 6% for the third quarter and 7% for the first nine months of 2025, compared with the same periods of 2024, including price increases.
−Removed: During the third quarter of 2025, our overall standard commercial lines policies averaged estimated renewal price increases at percentages in the mid-single-digit range.
+Added: Agency renewal written premiums increased 3% for the first three months of 2026, compared with the same period of 2025, including price increases.
+Added: During the first quarter of 2026, our overall standard commercial lines policies averaged estimated renewal price increases at percentages near the high end of the low-single-digit range.
We continue to segment commercial lines policies, emphasizing identification and retention of those we believe have relatively stronger pricing.
−Removed: Conversely, we have been seeking stricter renewal terms and conditions on policies we believe have relatively weaker pricing, thus retaining fewer of those policies.
+Added: Conversely, we continue to maintain stricter renewal terms and conditions on policies we believe have relatively weaker pricing, thus retaining fewer of those policies.
We measure average changes in commercial lines renewal pricing as the percentage rate of change in renewal premium for the new policy period compared with the premium for the expiring policy period, assuming no change in the level of insured exposures or policy coverage between those periods for the respective policies.
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
Our average overall commercial lines renewal pricing change includes the impact of flat pricing for certain coverages within package policies written for a three-year term that were in force but did not expire during the period being measured.
−Removed: Therefore, our reported change in average commercial lines renewal pricing reflects a blend of three-year policies that did not expire and other policies that did expire during the measurement period.
−Removed: For commercial lines policies that did expire and were then renewed during the third quarter of 2025, we estimate that our average percentage price increases were in the mid-single-digit range for our commercial casualty, commercial property and commercial auto lines of business.
+Added: Therefore, our reported change in average commercial lines renewal pricing reflects a blend of three-year policies that did not expire and other policies that did expire during the
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
+Added: measurement period.
+Added: For commercial lines policies that did expire and were then renewed during the first quarter of 2026, we estimate that our average percentage price increases were in the mid-single-digit range for our commercial casualty, commercial property and commercial auto lines of business.
The estimated average percentage price change for workers' compensation was a decrease in the mid-single-digit range.
−Removed: Our commercial lines segment's increase in agency renewal written premiums for the first nine months of 2025 also included changes in the level of insured exposures.
+Added: Our commercial lines segment's increase in agency renewal written premiums for the first three months of 2026 also included changes in the level of insured exposures.
Part of the insured exposure increase reflects our response to inflation effects that increase the cost of building materials to repair damaged commercial structures.
−Removed: We use building valuation software to automate much of that underwriting process and may also manually adjust premiums to reflect property costs.
Renewal premiums for certain policies, primarily our commercial casualty and workers' compensation lines of business, include the results of policy audits that adjust initial premium amounts based on differences between estimated and actual sales or payroll related to a specific policy.
−Removed: Audits completed during the first nine months of 2025 contributed $70 million to net written premiums, compared with $81 million for the same period of 2024.
−Removed: New business written premiums for commercial lines decreased $2 million for the third quarter, but increased $26 million during the first nine months of 2025, compared with the same periods of 2024, as we continued to carefully underwrite each policy in a highly competitive market.
+Added: Audits completed during the first three months of 2026 contributed $18 million to net written premiums, compared with $23 million for the same period of 2025.
+Added: New business written premiums for commercial lines increased $2 million for the first three months of 2026, compared with the same period of 2025, as we continued to carefully underwrite each policy in a highly competitive market.
Trend analysis for year-over-year comparisons of individual quarters is more difficult to assess for commercial lines new business written premiums, due to inherent variability.
1 unchanged sentence
Other written premiums include premiums ceded to reinsurers as part of our reinsurance ceded program.
−Removed: For our commercial lines insurance segment, a decrease in ceded premiums increased net written premiums by approximately $5 million and $11 million for the third quarter and first nine months of 2025, compared with the same periods of 2024.
+Added: For our commercial lines insurance segment, an increase in ceded premiums decreased net written premiums by approximately $1 million for the first three months of 2026, compared with the same period of 2025.
Commercial Lines Insurance Premiums
−Removed: (Dollars in millions) Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 % Change 2025 2024 % Change
+Added: (Dollars in millions) Three months ended March 31,
+Added: 2026 2025 % Change
Agency renewal written premiums $ 1,184 $ 1,152 3
2 unchanged sentences
Net written premiums 1,359 1,325 3
−Removed: Unearned premium change 31 (1) nm (193) (221) 13
+Added: Unearned premium change (118) (146) 19
Earned premiums $ 1,241 $ 1,179 5
−Removed: • Combined ratio – The third-quarter 2025 commercial lines combined ratio improved by 1.9 percentage points, compared with the third quarter of 2024, including a decrease of 2.8 points in losses from catastrophes.
−Removed: The third-quarter combined ratio decreased by 1.5 points from current accident year loss and loss expenses before catastrophe losses, including a decrease of 0.9 points for the IBNR portion and a decrease of 0.6 points for the case incurred portion.
−Removed: For the first nine months of 2025, the combined ratio improved by 4.2 percentage points, compared with the same period a year ago, including a decrease of 2.5 points in losses from catastrophes.
−Removed: The nine-month 2025 combined ratio also included a decrease of 1.3 points from current accident year loss and loss expenses before catastrophe losses, including an increase of 1.5 points for the IBNR portion and a decrease of 2.8 points for the case incurred portion.
+Added: • Combined ratio – The first-quarter 2026 commercial lines combined ratio increased by 6.7 percentage points, compared with the first quarter of 2025, including an increase of 6.0 points in losses from catastrophes.
+Added: The first-quarter combined ratio increased by 1.7 points from current accident year loss and loss expenses before catastrophe losses, including an increase of 3.0 points for the IBNR portion and a decrease of 1.3 points for the case incurred portion.
Underwriting results also included favorable reserve development on prior accident years, as discussed below.
−Removed: The current accident year ratios were measured as of September 30 of the respective years and included a ratio for large losses of $2 million or more per claim, discussed below, for the first nine months of 2025 that matched the same period of 2024.
−Removed: When estimating the ultimate cost of total loss and loss expenses, we consider many factors, including trends for inflation, historical paid and reported losses, large loss activity and other data or information for the industry or our company.
−Removed: Elevated inflation in recent years has been a driver of higher losses and loss expenses as costs have increased significantly to repair damaged business properties or autos that we insure, in addition to
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
−Removed: higher losses for liability coverages for some of our lines of business.
−Removed: Due to increased uncertainty regarding ultimate losses, we intend to remain prudent in reserving for estimated ultimate losses until longer-term loss cost trends become more clear.
−Removed: Catastrophe losses and loss expenses accounted for 2.6 and 4.4 percentage points of the combined ratio for the third quarter and first nine months of 2025, compared with 5.4 and 6.9 percentage points for the same periods a year ago.
+Added: The current accident year ratios were measured as of March 31 of the respective years and included a decrease of 1.4 percentage points for the first three months of 2026 in the ratio for large losses of $2 million or more per claim, discussed below.
+Added: Catastrophe losses and loss expenses accounted for 9.6 percentage points of the combined ratio for the first three months of 2026, compared with 3.6 percentage points for the same period a year ago.
Through 2025, the 10-year annual average for that catastrophe measure for the commercial lines segment was 5.9 percentage points, and the five-year annual average was 5.3 percentage points.
−Removed: The net effect of reserve development on prior accident years during the third quarter and first nine months of 2025 was favorable for commercial lines overall by $18 million and $103 million, compared with $50 million and $117 million for the same periods in 2024.
−Removed: For the first nine months of 2025, our commercial property and workers' compensation lines of business were the main contributors to the commercial lines net favorable reserve development, while our commercial casualty and commercial auto lines of business included net unfavorable development.
−Removed: The net favorable reserve development recognized during the first nine months of 2025 for our commercial lines insurance segment was mainly for accident years 2024 and 2023 and was primarily due to lower-than-anticipated loss emergence on known claims.
−Removed: Our commercial casualty line of business included $21 million of unfavorable reserve development on prior accident years for the first nine months of 2025 while commercial auto included $35 million.
+Added: The net effect of reserve development on prior accident years during the first three months of 2026 was favorable for commercial lines overall by $53 million, compared with $43 million for the same period in 2025.
+Added: For the first three months of 2026, our commercial property and workers' compensation lines of business were the main contributors to the commercial lines net favorable reserve development.
+Added: The net favorable reserve development recognized during the first three months of 2026 for our commercial lines insurance segment was mainly for accident years 2025 and 2024 and was primarily due to lower-than-anticipated loss emergence on known claims.
+Added: Our commercial casualty line of business included $3 million of favorable reserve development on prior accident years for the first three months of 2026 while commercial auto included $2 million of unfavorable reserve development.
Reserve estimates are inherently uncertain as described in our 2025 Annual Report on Form 10-K, Item 7, Critical Accounting Estimates, Property Casualty Insurance Loss and Loss Expense Reserves, Page 50.
−Removed: The commercial lines underwriting expense ratio decreased for the third quarter and first nine months of 2025, compared with the same periods a year ago.
−Removed: The decreases were primarily due to premium growth outpacing growth in various expenses.
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
+Added: The commercial lines underwriting expense ratio increased for the first three months of 2026, compared with the same period a year ago.
+Added: The increase was largely due to an increase in profit-sharing commissions for agencies.
The ratio for both periods also included ongoing expense management efforts.
Commercial Lines Insurance Losses Incurred by Size
−Removed: (Dollars in millions, net of reinsurance) Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 % Change 2025 2024 % Change
+Added: (Dollars in millions, net of reinsurance) Three months ended March 31,
+Added: 2026 2025 % Change
Current accident year losses greater than $5 million $ — $ 7 (100)
15 unchanged sentences
Total loss ratio 55.8 % 49.7 % 6.1
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
We continue to monitor new losses and case reserve increases greater than $2 million for trends in factors such as initial reserve levels, loss cost inflation and claim settlement expenses.
Our analysis continues to indicate no unexpected concentration of these large losses and case reserve increases by risk category, geographic region, policy inception, agency or field marketing territory.
−Removed: The third-quarter 2025 commercial lines total large losses incurred of $107 million, net of reinsurance, was higher than the quarterly average of $49 million during full-year 2024 and the $67 million of total large losses incurred for the third quarter of 2024.
−Removed: The increase in commercial lines large losses for the first nine months of 2025 was primarily due to our commercial property line of business.
−Removed: The third-quarter 2025 ratio for commercial lines total large losses was 2.8 percentage points higher than last year's third-quarter ratio.
−Removed: The third-quarter 2025 amount of total large losses incurred unfavorably contributed to the increase in the nine-month 2025 total large loss ratio, compared with 2024, in addition to a first-half 2025 ratio that was 0.5 points higher than the first half of 2024.
−Removed: We believe results for the three- and nine-month periods largely reflected normal fluctuations in loss patterns and normal variability in large case reserves for claims above $2 million.
+Added: The first-quarter 2026 commercial lines total large losses incurred of $40 million, net of reinsurance, was lower than the quarterly average of $74 million during full-year 2025 and the $66 million of total large losses incurred for the first quarter of 2025.
+Added: The decrease in commercial lines large losses for the first three months of 2026 was primarily due to our commercial casualty line of business.
+Added: The first-quarter 2026 ratio for commercial lines total large losses was 2.4 percentage points lower than last year's first-quarter ratio.
+Added: We believe results for the three-month period largely reflected normal fluctuations in loss patterns and normal variability in large case reserves for claims above $2 million.
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
PERSONAL LINES INSURANCE RESULTS
−Removed: (Dollars in millions) Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 % Change 2025 2024 % Change
+Added: (Dollars in millions) Three months ended March 31,
+Added: 2026 2025 % Change
Earned premiums $ 873 $ 698 25
21 unchanged sentences
Performance highlights for the personal lines segment include:
−Removed: • Premiums – Personal lines earned premiums and net written premiums continued to grow during the third quarter and first nine months of 2025, primarily due to agency renewal written premium growth that included higher average pricing.
−Removed: Cincinnati Private Client SM net written premiums included in the personal lines insurance segment results totaled approximately $572 million and $1.526 billion for the third quarter and first nine months of 2025, compared with $479 million and $1.281 billion for the same periods of 2024.
−Removed: Direct written premiums for Cincinnati Private Client policies grew 23% for the first nine months of 2025 compared with the same period
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
−Removed: Cincinnati Private Client net written premiums for the respective periods included excess and surplus lines homeowner policies with premiums totaling $47 million in the third quarter and $94 million in the first nine months of 2025, compared with $46 million in the third quarter and $131 million in the first nine months of 2024.
+Added: • Premiums – Personal lines earned premiums and net written premiums continued to grow during the first three months of 2026, primarily due to agency renewal written premium growth that included higher average pricing.
The table below analyzes the primary components of premiums.
−Removed: Agency renewal written premiums increased 24% and 26% for the third quarter and first nine months of 2025, reflecting rate increases in selected states, a higher level of insured exposures and other factors such as changes in policy deductibles or mix of business.
+Added: Agency renewal written premiums increased 15% for the first three months of 2026, reflecting rate increases in selected states, a higher level of insured exposures and other factors such as changes in policy deductibles or mix of business.
Part of the insured exposure increase reflects our response to inflation effects that increase the cost of building materials used to repair damaged homes.
−Removed: We estimate that premium rates for our personal auto line of business increased at average percentages in the high-single-digit range during the first nine months of 2025.
−Removed: For our homeowner line of business, we estimate that premium rates for the first nine months of 2025 increased at average percentages in the low-double-digit range.
+Added: We estimate that premium rates for our personal auto and homeowner lines of business increased at average percentages in the high-single-digit range during the first three months of 2026.
For both our personal auto and homeowner lines of business, some individual policies experienced lower or higher rate changes based on each risk's specific characteristics and enhanced pricing precision enabled by predictive models.
−Removed: Personal lines new business written premiums decreased $49 million or 30% for the third quarter of 2025, compared with the same period of 2024, including approximately $28 million from Cincinnati Private Client policies and $21 million from middle-market policies.
−Removed: Cincinnati Private Client new business premiums from California decreased approximately $9 million for the third quarter of 2025 compared with the prior year.
−Removed: For the first nine months of 2025, compared with the same period of 2024, personal lines new business written premiums decreased $66 million, or 15%, including approximately $31 million from Cincinnati Private Client policies and $35 million from middle-market policies.
−Removed: We believe we maintained underwriting and pricing discipline across all personal lines markets as we expanded use of enhanced pricing precision tools.
+Added: Personal lines new business written premiums decreased $51 million or 40% for the first three months of 2026, compared with the same period of 2025.
+Added: We believe we maintained underwriting and pricing discipline as we continued to carefully underwrite each policy in a highly competitive market.
Other written premiums include premiums ceded to reinsurers as part of our reinsurance ceded program.
−Removed: For our personal lines insurance segment, an increase in 2025 ceded premiums reduced net written premiums by approximately $1 million and $71 million for the third quarter and first nine months of 2025, compared with the same periods of 2024.
−Removed: Ceded premiums for the first nine months of 2025 included a net amount of $63 million for reinsurance reinstatement premiums related to the January 2025 wildfires in southern California.
−Removed: The $63 million of reinstatement premiums included $61 million for our homeowner line of business.
+Added: For our personal lines insurance segment, a decrease in 2026 ceded premiums increased net written premiums by approximately $62 million for the first three months of 2026, compared with the same period of 2025.
+Added: Ceded premiums for the first three months of 2025 included a net amount of $64 million for reinsurance reinstatement premiums related to the January 2025 wildfires in southern California.
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
Personal Lines Insurance Premiums
−Removed: (Dollars in millions) Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 % Change 2025 2024 % Change
+Added: (Dollars in millions) Three months ended March 31,
+Added: 2026 2025 % Change
Agency renewal written premiums $ 726 $ 634 15
4 unchanged sentences
Earned premiums $ 873 $ 698 25
−Removed: • Combined ratio – Our personal lines combined ratio for the third quarter of 2025 improved by 22.1 percentage points, compared with third-quarter 2024, including a decrease of 19.5 points in losses from catastrophes.
−Removed: The third-quarter 2025 combined ratio improvement also included a decrease of 3.3 percentage points from current accident year loss and loss expenses before catastrophe losses, including a decrease of 1.0 points for the IBNR portion and a decrease of 2.3 points for the case incurred portion.
−Removed: For the first nine months of 2025, the combined ratio increased by 7.7 percentage points, compared with the same period a year ago, including an increase of 9.1 points in losses from catastrophes.
−Removed: The nine-month 2025 combined ratio also included a decrease of 0.7 points from current accident year loss and loss expenses before catastrophe losses, including an increase of 2.3 points for the IBNR portion and a decrease of 3.0 points for the case incurred portion.
−Removed: The nine-month 2025 current accident year ratio before catastrophe losses included an unfavorable 1.4 points for the effect of reinstatement premiums.
−Removed: The total current accident year ratios before catastrophe losses were measured as of September 30 of the respective years and included an increase of 0.8 percentage points for the first nine months of 2025 in the ratio for large losses of $2 million or more per claim, discussed below.
−Removed: When estimating the ultimate cost of total loss and loss expenses, we consider many factors, including trends for inflation, historical paid and reported losses, large loss activity and other data or information for the industry
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
−Removed: or our company.
−Removed: Elevated inflation in recent years has been a driver of higher losses and loss expenses as costs have increased significantly to repair damaged autos or homes that we insure.
−Removed: Due to increased uncertainty regarding ultimate losses, we intend to remain prudent in reserving for estimated ultimate losses until longer-term loss cost trends become more clear.
−Removed: Catastrophe losses and loss expenses accounted for 7.1 and 28.3 percentage points of the combined ratio for the third quarter and first nine months of 2025, compared with 26.6 and 19.2 points for the same periods a year ago.
+Added: • Combined ratio – Our personal lines combined ratio for the first quarter of 2026 improved by 54.5 percentage points, compared with first-quarter 2025, including a decrease of 41.9 points in losses from catastrophes.
+Added: The first-quarter 2026 combined ratio improvement also included a decrease of 10.1 percentage points from current accident year loss and loss expenses before catastrophe losses, including a decrease of 4.4 points for the IBNR portion and a decrease of 5.7 points for the case incurred portion.
+Added: The three-month 2025 current accident year ratio before catastrophe losses included an unfavorable 5.3 points for the effect of reinstatement premiums.
+Added: The total current accident year ratios before catastrophe losses were measured as of March 31 of the respective years and included a decrease of 0.8 percentage points for the first three months of 2026 in the ratio for large losses of $2 million or more per claim, discussed below.
+Added: Catastrophe losses and loss expenses accounted for 16.8 percentage points of the combined ratio for the first three months of 2026, compared with 58.7 points for the same period a year ago.
The 10-year annual average catastrophe loss ratio for the personal lines segment through 2025 was 14.0 percentage points, and the five-year annual average was 15.8 percentage points.
2 unchanged sentences
In addition, greater geographic diversification is expected to reduce the volatility of homeowner loss ratios attributable to weather-related catastrophe losses over time.
−Removed: The net effect of reserve development on prior accident years during the third quarter of 2025 was unfavorable by $14 million and favorable by $24 million for the first nine months of 2025 for personal lines overall, compared with less than $1 million unfavorable and $27 million favorable for the same periods of 2024.
−Removed: Our homeowner line of business was the main contributor to the personal lines net favorable reserve development for the first nine months of 2025.
+Added: The net effect of reserve development on prior accident years during the first quarter of 2026 was favorable by $7 million, compared with $19 million for the same period of 2025.
+Added: Our homeowner line of business was the main contributor to the personal lines net favorable reserve development for the first three months of 2026.
The net favorable reserve development was primarily due to lower-than-anticipated loss emergence on known claims.
Reserve estimates are inherently uncertain as described in our 2025 Annual Report on Form 10-K, Item 7, Critical Accounting Estimates, Property Casualty Insurance Loss and Loss Expense Reserves, Page 50.
−Removed: The personal lines underwriting expense ratio decreased for the third quarter and first nine months of 2025, compared with the same periods a year ago.
−Removed: The third-quarter and nine-month decreases were primarily due to growth in premiums outpacing growth in various expenses.
−Removed: The nine-month 2025 ratio also included an unfavorable 0.7 points for the effect of reinstatement premiums.
−Removed: The ratios for both periods also included ongoing expense management efforts.
+Added: The personal lines underwriting expense ratio decreased for the first three months of 2026, compared with the same period a year ago.
+Added: The decrease was partly due to growth in premiums outpacing growth in various expenses.
+Added: The three-month 2025 ratio also included an unfavorable 2.5 points for the effect of reinstatement premiums.
+Added: The ratio for both periods also included ongoing expense management efforts.
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
Personal Lines Insurance Losses Incurred by Size
−Removed: (Dollars in millions, net of reinsurance) Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 % Change 2025 2024 % Change
+Added: (Dollars in millions, net of reinsurance) Three months ended March 31,
+Added: 2026 2025 % Change
Current accident year losses greater than $5 million $ 8 $ 19 (58)
Current accident year losses $2 million - $5 million 15 5 200
−Removed: Large loss prior accident year reserve development 2 (1) nm 27 2 nm
+Added: Large loss prior accident year reserve development 15 12 25
Total large losses incurred 38 36 6
13 unchanged sentences
We continue to monitor new losses and case reserve increases greater than $2 million for trends in factors such as initial reserve levels, loss cost inflation and claim settlement expenses.
−Removed: Our analysis continues to indicate no unexpected concentration of these large losses and case reserve increases by risk category, geographic
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
−Removed: region, policy inception, agency or field marketing territory.
−Removed: In the third quarter of 2025, the personal lines total large loss ratio, net of reinsurance, was 0.2 percentage points higher than last year's third quarter.
−Removed: The increase in personal lines total large losses incurred for the first nine months of 2025 occurred primarily for our homeowner line of business and inland marine coverages in our other personal line of business.
−Removed: The third-quarter 2025 amount of total large losses incurred unfavorably contributed to the increase in the nine-month 2025 total large loss ratio, compared with 2024, in addition to a first-half 2025 ratio that was 2.7 points higher than the first half of 2024.
−Removed: We believe results for the three- and nine-month periods largely reflected normal fluctuations in loss patterns and normal variability in large case reserves for claims above $2 million.
+Added: Our analysis continues to indicate no unexpected concentration of these large losses and case reserve increases by risk category, geographic region, policy inception, agency or field marketing territory.
+Added: In the first quarter of 2026, the personal lines total large loss ratio, net of reinsurance, was 0.8 percentage points lower than last year's first quarter.
+Added: The increase in personal lines total large losses incurred for the first three months of 2026 occurred primarily for umbrella coverage in our other personal line of business.
+Added: We believe results for the three-month period largely reflected normal fluctuations in loss patterns and normal variability in large case reserves for claims above $2 million.
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
EXCESS AND SURPLUS LINES INSURANCE RESULTS
−Removed: (Dollars in millions) Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 % Change 2025 2024 % Change
+Added: (Dollars in millions) Three months ended March 31,
+Added: 2026 2025 % Change
Earned premiums $ 180 $ 162 11
−Removed: Fee revenues 1 — nm 3 2 50
+Added: Fee revenues 1 1 0
Total revenues 181 163 11
2 unchanged sentences
Current accident year catastrophe losses 1 2 (50)
−Removed: Prior accident years before catastrophe losses (4) 5 nm (17) 5 nm
−Removed: Prior accident years catastrophe losses — — 0 (1) — nm
+Added: Prior accident years before catastrophe losses (7) (8) 13
+Added: Prior accident years catastrophe losses (1) (1) 0
Loss and loss expenses 110 99 11
11 unchanged sentences
Contribution from catastrophe losses and prior years reserve development (3.4) (4.7) 1.3
−Removed: (2.0) 4.4 (6.4) (2.6) 2.4 (5.0)
Combined ratio before catastrophe losses and prior years reserve development 92.7 % 93.0 % (0.3)
Performance highlights for the excess and surplus lines segment include:
−Removed: • Premiums – Excess and surplus lines earned premiums and net written premiums continued to grow during the third quarter and first nine months of 2025, compared with the same period a year ago, including increases in both agency renewal and new business written premiums.
−Removed: Renewal written premiums rose 15% for the third quarter and 12% for the nine months ended September 30, 2025, compared with the same periods of 2024, largely due to higher renewal pricing.
−Removed: For both 2025 periods, excess and surplus lines policy renewals experienced estimated average price increases at percentages in the high-single-digit range.
+Added: • Premiums – Excess and surplus lines earned premiums and net written premiums continued to grow during the first three months of 2026, compared with the same period a year ago, including increases in both agency renewal and new business written premiums.
+Added: Renewal written premiums rose 7% for the three months ended March 31, 2026, compared with the same period of 2025, largely due to higher renewal pricing.
+Added: For the first three months of 2026, excess and surplus lines policy renewals experienced estimated average price increases at percentages in the mid-single-digit range.
We measure average changes in excess and surplus lines renewal pricing as the percentage rate of change in renewal premium for the new policy period compared with the premium for the expiring policy period, assuming no change in the level of insured exposures or policy coverage between those periods for respective policies.
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
−Removed: New business written premiums produced by agencies increased by 2% for the third quarter and 16% for the first nine months of 2025 compared with the same periods of 2024, as we continued to carefully underwrite each policy in a highly competitive market.
+Added: New business written premiums produced by agencies increased by 9% for the first three months of 2026 compared with the same period of 2025, as we continued to carefully underwrite each policy in a highly competitive market.
Some of what we report as new business came from accounts that were not new to our agents.
We believe our agents' seasoned accounts tend to be priced more accurately than business that may be less familiar to them.
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
Excess and Surplus Lines Insurance Premiums
−Removed: (Dollars in millions) Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 % Change 2025 2024 % Change
+Added: (Dollars in millions) Three months ended March 31,
+Added: 2026 2025 % Change
Agency renewal written premiums $ 135 $ 126 7
2 unchanged sentences
Net written premiums 182 168 8
−Removed: Unearned premium change (1) — nm (35) (36) 3
+Added: Unearned premium change (2) (6) 67
Earned premiums $ 180 $ 162 11
−Removed: • Combined ratio – The excess and surplus lines combined ratio improved by 5.5 percentage points for the third quarter and 4.5 points for the first nine months of 2025, compared with the same periods of 2024.
−Removed: The improvements were primarily due to favorable reserve development on prior accident year loss and loss expenses for the three and nine months ended September 30, 2025, compared with unfavorable development for the same periods of 2024.
−Removed: The 64.1% third-quarter 2025 ratio for current accident year loss and loss expenses before catastrophe losses was 0.1 percentage points lower, compared with the 64.2% accident year 2024 ratio measured as of September 30, 2024, including a decrease of 2.4 points for the IBNR portion and an increase of 2.3 points for the case incurred portion.
−Removed: The nine-month 2025 ratio for current accident year loss and loss expenses before catastrophe losses was 0.2 percentage points higher, compared with the 64.6% accident year 2024 ratio measured as of September 30, 2024, including an increase of 2.7 points for the IBNR portion and a decrease of 2.5 points for the case incurred portion.
−Removed: Excess and surplus lines net reserve development on prior accident years, as a ratio to earned premiums, was favorable by 2.2% for the third quarter and 3.5% for the first nine months of 2025, compared with unfavorable 2.7% and 1.0% for the same periods of 2024.
+Added: • Combined ratio – The excess and surplus lines combined ratio increased by 1.0 percentage points for the first three months of 2026, compared with the same period of 2025.
+Added: The increase was primarily due to a lower level of favorable reserve development on prior accident year loss and loss expenses for the three months ended March 31, 2026, compared with the first three months of 2025.
+Added: The 64.6% first-quarter 2026 ratio for current accident year loss and loss expenses before catastrophe losses was 1.0 percentage points lower, compared with the 65.6% accident year 2025 ratio measured as of March 31, 2025, including a decrease of 0.4 points for the IBNR portion and a decrease of 0.6 points for the case incurred portion.
+Added: Excess and surplus lines net reserve development on prior accident years, as a ratio to earned premiums, was favorable by 4.5% for the first three months of 2026, compared with 5.5% for the same period of 2025.
Reserve estimates are inherently uncertain as described in our 2025 Annual Report on Form 10-K, Item 7, Critical Accounting Estimates, Property Casualty Insurance Loss and Loss Expense Reserves, Page 50.
−Removed: The excess and surplus lines underwriting expense ratio increased for the third quarter and first nine months of 2025 compared with the same periods a year ago, largely due to an increase in commission expenses.
−Removed: The ratios also included ongoing expense management efforts and premium growth.
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
+Added: The excess and surplus lines underwriting expense ratio increased for the first three months of 2026 compared with the same period a year ago, primarily due to an increase in commission expenses.
+Added: The ratio also included ongoing expense management efforts and premium growth.
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
Excess and Surplus Lines Insurance Losses Incurred by Size
−Removed: (Dollars in millions, net of reinsurance) Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 % Change 2025 2024 % Change
−Removed: Current accident year losses greater than $5 million $ — $ — nm $ — $ — nm
−Removed: Current accident year losses $2 million - $5 million — 2 (100) — 4 (100)
−Removed: Large loss prior accident year reserve development — — nm — — nm
−Removed: Total large losses incurred — 2 (100) — 4 (100)
+Added: (Dollars in millions, net of reinsurance) Three months ended March 31,
+Added: 2026 2025 % Change
+Added: Current accident year losses greater than $5 million $ — $ — nm
+Added: Current accident year losses $2 million - $5 million — — nm
+Added: Large loss prior accident year reserve development — — nm
+Added: Total large losses incurred — — nm
Losses incurred but not reported 38 46 (17)
Other losses excluding catastrophe losses 40 24 67
−Removed: Catastrophe losses — 2 (100) 3 6 (50)
+Added: Catastrophe losses 1 — nm
Total losses incurred $ 79 $ 70 13
10 unchanged sentences
Our analysis continues to indicate no unexpected concentration of these large losses and case reserve increases by risk category, geographic region, policy inception, agency or field marketing territory.
−Removed: In the third quarter of 2025, the excess and surplus lines total ratio for large losses, net of reinsurance, was 1.3 percentage points lower than last year's third quarter.
−Removed: The third-quarter 2025 amount of total large losses incurred contributed favorably to the decrease in the nine-month 2025 total large loss ratio, compared with 2024, in addition to a first-half 2025 ratio that was 0.7 points lower than the first half of 2024.
−Removed: We believe results for the three- and nine month periods largely reflected normal fluctuations in loss patterns and normal variability in large case reserves for claims above $2 million.
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
+Added: In the first quarter of both 2026 and 2025, our excess and surplus lines insurance segment had no large losses of $2 million or more per claim.
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
LIFE INSURANCE RESULTS
−Removed: (Dollars in millions) Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 % Change 2025 2024 % Change
+Added: (Dollars in millions) Three months ended March 31,
+Added: 2026 2025 % Change
Earned premiums $ 85 $ 80 6
7 unchanged sentences
Performance highlights for the life insurance segment include:
−Removed: • Revenues – Revenues increased for the nine months ended September 30, 2025, compared with the same period a year ago, driven by higher earned premiums from term life insurance, our largest life insurance product line.
−Removed: Net in-force life insurance policy face amounts increased 3% to $86.438 billion at September 30, 2025, from $84.245 billion at year-end 2024.
−Removed: Fixed annuity deposits received for the three and nine months ended September 30, 2025, were $8 million and $20 million, compared with $10 million and $29 million for the same periods of 2024.
+Added: • Revenues – Revenues increased for the three months ended March 31, 2026, compared with the same period a year ago, driven by higher earned premiums from term life insurance, our largest life insurance product line.
+Added: Net in-force life insurance policy face amounts increased 1% to $88.080 billion at March 31, 2026, from $87.311 billion at year-end 2025.
+Added: Fixed annuity deposits received for the three months ended March 31, 2026, were $7 million, compared with $4 million for the same period of 2025.
Fixed annuity deposits have a minimal impact on earned premiums because deposits received are initially recorded as liabilities.
2 unchanged sentences
Life Insurance Premiums
−Removed: (Dollars in millions) Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 % Change 2025 2024 % Change
+Added: (Dollars in millions) Three months ended March 31,
+Added: 2026 2025 % Change
Term life insurance $ 61 $ 57 7
1 unchanged sentence
Universal life and other 10 10 0
−Removed: Net earned premiums $ 83 $ 80 4 $ 246 $ 240 3
+Added: Earned premiums $ 85 $ 80 6
• Profitability – Our life insurance segment typically reports a smaller profit compared with the life insurance subsidiary because profits from investment income spreads are included in our investments segment results.
We include only investment income credited to contract holders (including interest assumed in life insurance policy reserve calculations) in our life insurance segment results.
−Removed: A profit of $45 million for our life insurance segment in the first nine months of 2025, compared with a profit of $42 million for the same period of 2024, was primarily due to increased earned premiums.
+Added: A profit of $11 million for our life insurance segment in the first three months of 2026, compared with a profit of $9 million for the same period of 2025, was primarily due to increased earned premiums.
Life insurance segment benefits and expenses consist principally of contract holders' (policyholders') benefits incurred related to traditional life and interest-sensitive products and operating expenses incurred, net of deferred acquisition costs.
−Removed: Total benefits increased in the first nine months of 2025 primarily due to less favorable impacts from the unlocking of interest rate and other actuarial assumptions.
−Removed: Underwriting expenses for the first nine months of 2025 matched the same period a year ago.
+Added: Total benefits increased in the first three months of 2026 primarily due to continued growth of in-force policy face amounts and less favorable impacts from the unlocking of interest rate and other actuarial assumptions.
+Added: Underwriting expenses for the first three months of 2026 matched the same period a year ago.
We recognize that assets under management, capital appreciation and investment income are integral to evaluating the success of the life insurance segment because of the long duration of life products.
On a basis that includes investment income and investment gains or losses from life-insurance-related
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
−Removed: invested assets, the life insurance subsidiary reported net income of $28 million and $75 million for the three and nine months ended September 30, 2025, compared with $20 million and $63 million for the three and nine months ended September 30, 2024.
−Removed: The life insurance subsidiary portfolio had net after-tax investment losses of $1 million and $5 million for the three and nine months ended September 30, 2025, compared with less than $1 million and $7 million for the three and nine months ended September 30, 2024.
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
+Added: invested assets, the life insurance subsidiary reported net income of $26 million for the three months ended March 31, 2026, compared with $21 million for the three months ended March 31, 2025.
+Added: The life insurance subsidiary portfolio had net after-tax investment losses of less than $1 million for the three months ended March 31, 2026, compared with $1 million for the three months ended March 31, 2025.
INVESTMENTS RESULTS
2 unchanged sentences
Investment Income
−Removed: Pretax investment income grew 14% for the third quarter and 15% for the first nine months of 2025, compared with the same periods of 2024.
−Removed: Interest income increased by $40 million and $122 million for the three and nine months ended September 30, 2025, as net purchases of fixed-maturity securities in recent quarters and higher bond yields are working to generally offset effects of the low interest rate environment for several years prior to 2022.
−Removed: Dividend income increased by $1 million for the third quarter and decreased by $3 million for the first nine months of 2025.
−Removed: The decrease for the first nine months of 2025 was primarily due to the unfavorable effect on dividend income from net sales of equity securities during the second half of 2024.
−Removed: That effect was partially offset by net purchases of equity securities during the first nine months of 2025 and dividend rates that have generally been increasing, although more slowly in recent quarters.
+Added: Pretax investment income grew 14% for the first three months of 2026, compared with the same period of 2025.
+Added: Interest income increased by $25 million for the first quarter, as net purchases of fixed-maturity securities in recent quarters and higher bond yields are working to generally offset effects of the low interest rates on maturing bonds purchased for several years prior to 2022.
+Added: Dividend income increased by $9 million for the three months ended March 31, 2026.
+Added: The increase for the first three months of 2026 was primarily due to a $6 million special dividend from one of our holdings in addition to dividend payouts that have generally been increasing slightly in recent quarters.
Investments Results
−Removed: (Dollars in millions) Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 % Change 2025 2024 % Change
+Added: (Dollars in millions) Three months ended March 31,
+Added: 2026 2025 % Change
Total investment income, net of expenses $ 318 $ 280 14
7 unchanged sentences
(Dollars in millions) % Yield Principal redemptions
−Removed: At September 30, 2025
+Added: At March 31, 2026
Fixed-maturity pretax yield profile:
3 unchanged sentences
Average yield and total expected maturities from the remainder of 2026 through 2028 5.15 $ 2,840
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
The table below shows the average pretax yield-to-amortized cost for fixed-maturity securities acquired during the periods indicated.
−Removed: The average yield for total fixed-maturity securities acquired during the first nine months of 2025 was higher than the 5.06% average yield-to-amortized cost of the fixed-maturity securities portfolio at the end of 2024.
−Removed: Our fixed-maturity portfolio's average yield of 4.96% for the first nine months of 2025, from the investment income table below, was lower than the 5.06% yield for the year-end 2024 fixed-maturities portfolio.
−Removed: Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 2025 2024
+Added: The average yield-to-amortized cost for total fixed-maturity securities acquired during the first three months of 2026 was higher than the 5.11% average yield-to-amortized cost of the fixed-maturity securities portfolio at the end of 2025.
+Added: Our fixed-maturity portfolio's average yield-to-amortized cost of 5.02% for the first three months of 2026, from the investment income table below, was lower than the 5.11% yield-to-amortized cost for the year-end 2025 fixed-maturities portfolio.
+Added: Three months ended March 31,
Average pretax yield-to-amortized cost on new fixed-maturities:
7 unchanged sentences
Average yields in this table are based on the average invested asset and cash amounts indicated in the table, using fixed-maturity securities valued at amortized cost and all other securities at fair value.
−Removed: (Dollars in millions) Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 % Change 2025 2024 % Change
+Added: (Dollars in millions) Three months ended March 31,
+Added: 2026 2025 % Change
Investment income:
5 unchanged sentences
Less income taxes
−Removed: 51 44 16 148 125 18
Total investment income, after-tax $ 263 $ 232 13
10 unchanged sentences
Effective tax rate 18.4 18.3
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
Total Investment Gains and Losses
4 unchanged sentences
The table below summarizes total investment gains and losses, before taxes.
−Removed: (Dollars in millions) Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 2025 2024
+Added: (Dollars in millions) Three months ended March 31,
Investment gains and losses:
8 unchanged sentences
Subtotal — (2)
−Removed: Other 6 3 18 29
Total investment gains and losses reported in net income (70) (67)
2 unchanged sentences
Total $ (290) $ —
−Removed: Of the 5,331 fixed-maturity and short-term securities in the portfolio, 17 securities were trading below 70% of amortized cost at September 30, 2025.
+Added: Of the 5,442 fixed-maturity and short-term securities in the portfolio, 17 securities were trading below 70% of amortized cost at March 31, 2026.
Our asset impairment committee regularly monitors the portfolio, including a quarterly review of the entire portfolio for potential credit losses.
We believe that if liquidity in the markets were to significantly deteriorate or economic conditions were to significantly weaken, we could experience declines in portfolio values and possibly increases in the allowance for credit losses or write-downs to fair value.
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
We report as Other the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.
We also report as Other the underwriting results of Cincinnati Re and Cincinnati Global, including earned premiums, loss and loss expenses and underwriting expenses in the table below.
−Removed: Total revenues for the first nine months of 2025 for our Other operations increased, compared with the same period of 2024, primarily due to earned premiums from Cincinnati Re and Cincinnati Global, with increases of $33 million and $28 million, respectively.
−Removed: Cincinnati Re had $444 million of earned premiums for the first nine months of 2025 and generated an underwriting loss of $10 million, including an unfavorable impact of $103 million of net catastrophe losses from the January 2025 wildfires in southern California.
−Removed: Cincinnati Global had $231 million of earned premiums for the first nine months of 2025 and generated an underwriting profit of $55 million.
−Removed: Total expenses for Other increased for the first nine months of 2025, primarily due to higher loss and loss expenses from Cincinnati Re and Cincinnati Global.
+Added: Total revenues for the first three months of 2026 for our Other operations increased slightly, compared with the same period of 2025.
+Added: Cincinnati Re had $152 million of earned premiums for the first three months of 2026 and generated an underwriting profit of $31 million.
+Added: Cincinnati Global had $73 million of earned premiums for the first three months of 2026 and generated an underwriting profit of $15 million.
+Added: Total expenses for Other decreased for the first three months of 2026, primarily due to lower loss and loss expenses from Cincinnati Re and Cincinnati Global.
Other income (loss) in the table below represents profit before income taxes.
−Removed: For the first nine months of 2025, total other loss resulted from an underwriting loss from Cincinnati Re and interest expense from debt of the parent company.
−Removed: For the first nine months of 2024, total other income was driven by underwriting profit from Cincinnati Re and Cincinnati Global.
−Removed: (Dollars in millions) Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 % Change 2025 2024 % Change
+Added: For the first three months of 2026, total other income was driven by underwriting profit from Cincinnati Re and Cincinnati Global.
+Added: For the first three months of 2025, total other loss resulted from an underwriting loss from Cincinnati Re and interest expense from debt of the parent company.
+Added: (Dollars in millions) Three months ended March 31,
+Added: 2026 2025 % Change
Interest and fees on loans and leases $ 3 $ 3 0
Earned premiums 225 225 0
−Removed: Other revenues 3 — nm 7 3 133
+Added: Other revenues 3 1 200
Total revenues 231 229 1
5 unchanged sentences
Total other income (loss) $ 30 $ (78) nm
−Removed: We had $291 million and $423 million of income tax expense for the three and nine months ended September 30, 2025, compared with $220 million and $492 million of income tax expense for the same periods of 2024.
−Removed: The effective tax rate for the three and nine months ended September 30, 2025, was 20.6% and 19.8% compared with 21.2% and 20.7% for the same periods last year.
−Removed: The change in our effective tax rate between periods was primarily due to large changes in our net investment gains and losses included in income for the periods and changes in underwriting income and investment income.
+Added: We had $52 million of income tax expense for the three months ended March 31, 2026, compared with $38 million of income tax benefit for the same period of 2025.
+Added: The effective tax rate for the three months ended March 31, 2026, was 16.0% compared with 29.7% for the same period last year.
+Added: The change in our effective tax rate between periods was primarily due to changes in underwriting income, changes in our net investment gains and losses and investment income.
Historically, we have pursued a strategy of investing some portion of cash flow in tax-advantaged, fixed-maturity and equity securities to minimize our overall tax liability and maximize after-tax earnings.
4 unchanged sentences
Details about our effective tax rate are in this quarterly report Item 1, Note 9, Income Taxes.
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
LIQUIDITY AND CAPITAL RESOURCES
−Removed: At September 30, 2025, shareholders' equity was $15.406 billion, compared with $13.935 billion at December 31, 2024.
−Removed: Total debt was $815 million at September 30, 2025, unchanged from December 31, 2024.
−Removed: At September 30, 2025, cash and cash equivalents totaled $1.460 billion, compared with $983 million at December 31, 2024.
+Added: At March 31, 2026, shareholders' equity was $15.714 billion, compared with $15.911 billion at December 31, 2025.
+Added: Total debt was $816 million at March 31, 2026, relatively unchanged from $815 million at December 31, 2025.
+Added: At March 31, 2026, cash and cash equivalents totaled $1.210 billion, compared with $1.431 billion at December 31, 2025.
In addition to our historically positive operating cash flow to meet the needs of operations, we have the ability to slow investing activities or sell a portion of our high-quality, liquid investment portfolio if such need arises.
2 unchanged sentences
Subsidiary Dividends
−Removed: Our lead insurance subsidiary declared dividends of $350 million to the parent company in the first nine months of 2025, compared with $290 million for the same period of 2024.
+Added: Our lead insurance subsidiary declared dividends of $200 million to the parent company in the first three months of 2026, compared with no dividends declared for the same period of 2025.
For full-year 2025, our lead insurance subsidiary paid dividends totaling $550 million to the parent company.
State of Ohio regulatory requirements restrict the dividends our insurance subsidiary can pay.
−Removed: For full-year 2025, total dividends that our insurance subsidiary can pay to our parent company without regulatory approval are approximately $1.245 billion.
+Added: For full-year 2026, total dividends that our insurance subsidiary can pay to our parent company without regulatory approval are approximately $975 million.
Investing Activities
9 unchanged sentences
The table below shows a summary of the operating cash flow for property casualty insurance (direct method):
−Removed: (Dollars in millions) Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 % Change 2025 2024 % Change
+Added: (Dollars in millions) Three months ended March 31,
+Added: 2026 2025 % Change
Premiums collected $ 2,481 $ 2,277 9
1 unchanged sentence
Commissions and other underwriting expenses paid (972) (924) (5)
−Removed: Cash flow from underwriting 775 644 20 1,281 1,367 (6)
+Added: Cash flow from underwriting 308 (46) nm
Investment income received 229 206 11
Cash flow from operations $ 537 $ 160 236
−Removed: Collected premiums for property casualty insurance rose $776 million during the first nine months of 2025, compared with the same period in 2024.
−Removed: Loss and loss expenses paid for the 2025 period increased $644 million.
+Added: Collected premiums for property casualty insurance rose $204 million during the first three months of 2026, compared with the same period in 2025.
+Added: Loss and loss expenses paid for the 2026 period decreased $198 million.
Commissions and other underwriting expenses paid increased $48 million.
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
We discuss our future obligations for claims payments and for underwriting expenses in our 2025 Annual Report on Form 10-K, Item 7, Obligations, Page 92.
Capital Resources
−Removed: At September 30, 2025, our debt-to-total-capital ratio was 5.0%, considerably below our 35% covenant threshold, with $790 million in long-term debt and $25 million in borrowing on our revolving short-term line of credit.
−Removed: At September 30, 2025, $275 million was available for future cash management needs as part of the general provisions of the line of credit agreement, with another $300 million available as part of an accordion feature.
−Removed: Based on our capital requirements at September 30, 2025, we do not anticipate a material increase in debt levels exceeding the available line of credit amount during the year.
+Added: At March 31, 2026, our debt-to-total-capital ratio was 4.9%, considerably below our 35% covenant threshold, with $791 million in long-term debt and $25 million in borrowing on our revolving short-term line of credit.
+Added: At March 31, 2026, $375 million was available for future cash management needs as part of the general provisions of the line of credit agreement.
+Added: The line of credit also includes a $400 million accordion feature, a $400 million sublimit for letters of credit, and a $75 million sublimit for swing line loans.
+Added: Based on our capital requirements at March 31, 2026, we do not anticipate a material increase in debt levels exceeding the available line of credit amount during the year.
As a result, we expect changes in our debt-to-total-capital ratio to continue to be largely a function of the contribution of unrealized investment gains or losses to shareholders' equity.
−Removed: During 2024, we terminated our unsecured letter of credit agreement, which provided a portion of the capital needed to support Cincinnati Global's obligations at Lloyd's.
−Removed: We replaced the letter of credit agreement with common equities, bringing total common equities held in Lloyd's trust accounts to $235 million.
−Removed: On October 10, 2025, we terminated our $300 million credit agreement and simultaneously entered into a new $400 million unsecured revolving credit agreement expiring on October 10, 2030, with two optional one-year extensions.
−Removed: The credit facility is fully subscribed among four lenders and includes a $400 million accordion feature, a $400 million sublimit for letters of credit, and a $75 million sublimit for swing line loans.
−Removed: The debt-to-total-capital ratio covenant threshold remains at 35%.
−Removed: Current borrowings under the credit agreement were $25 million on October 10, 2025.
+Added: We held common equities with a fair value of $228 million, in Lloyd's trust accounts to provide a portion of the capital needed to support Cincinnati Global's operations at March 31, 2026.
We provide details of our three long-term notes in this quarterly report Item 1, Note 3, Fair Value Measurements.
1 unchanged sentence
Four independent ratings firms award insurer financial strength ratings to our property casualty insurance companies and three firms rate our life insurance company.
−Removed: On September 3, 2025, Fitch Ratings changed our parent company debt rating to A from A-.
−Removed: No additional changes to our parent company debt ratings occurred during the first nine months of 2025.
+Added: Those firms made no changes to our parent company debt ratings during the first three months of 2026.
Our debt ratings are discussed in our 2025 Annual Report on Form 10-K, Item 7, Liquidity and Capital Resources, Long-Term Debt, Page 91.
10 unchanged sentences
In addition to our contractual obligations, we have other property casualty operational commitments:
−Removed: • Commissions – Commissions paid were $1.469 billion in the first nine months of 2025.
+Added: • Commissions – Commissions paid were $710 million in the first three months of 2026.
Commission payments generally track with written premiums, except for annual profit-sharing commissions typically paid during the first quarter of the year.
• Other underwriting expenses – Many of our underwriting expenses are not contractual obligations, but reflect the ongoing expenses of our business.
−Removed: Noncommission underwriting expenses paid were $757 million in the first nine months of 2025.
−Removed: There were no contributions to our qualified pension plan during the first nine months of 2025.
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
+Added: Noncommission underwriting expenses paid were $262 million in the first three months of 2026.
+Added: There were no contributions to our qualified pension plan during the first three months of 2026.
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
Investing Activities
3 unchanged sentences
Uses of cash to enhance shareholder return include dividends to shareholders and shares acquired under our repurchase program.
−Removed: In January, May and August 2025, the board of directors declared regular quarterly cash dividends of 87 cents per share for an indicated annual rate of $3.48 per share.
−Removed: During the first nine months of 2025, we used $392 million to pay cash dividends to shareholders.
+Added: In January 2026, the board of directors declared regular quarterly cash dividends of 94 cents per share for an indicated annual rate of $3.76 per share.
+Added: During the first three months of 2026, we used $133 million to pay cash dividends to shareholders.
PROPERTY CASUALTY INSURANCE LOSS AND LOSS EXPENSE RESERVES
1 unchanged sentence
Reserving practices are discussed in our 2025 Annual Report on Form 10-K, Item 7, Property Casualty Loss and Loss Expense Obligations and Reserves, Page 93.
−Removed: Total gross reserves at September 30, 2025, increased $1.258 billion compared with December 31, 2024.
+Added: Total gross reserves at March 31, 2026, increased $434 million compared with December 31, 2025.
Case loss reserves increased by $24 million, IBNR loss reserves increased by $336 million and loss expense reserves increased by $74 million.
−Removed: The total gross increase was primarily due to our commercial casualty and homeowner lines of business, excess and surplus lines insurance segment and Cincinnati Re.
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
+Added: The total gross increase was primarily due to our commercial casualty, commercial property, personal auto and homeowner lines of business and excess and surplus lines insurance segment.
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
Property Casualty Gross Reserves
1 unchanged sentence
Case reserves IBNR reserves Percent of total
−Removed: At September 30, 2025
+Added: At March 31, 2026
Commercial lines insurance:
32 unchanged sentences
LIFE POLICY AND INVESTMENT CONTRACT RESERVES
−Removed: Gross life policy and investment contract reserves were $3.003 billion at September 30, 2025, compared with $2.960 billion at year-end 2024.
+Added: Gross life policy and investment contract reserves were $2.965 billion at March 31, 2026, compared with $2.992 billion at year-end 2025.
Details about these reserves are in this quarterly report Item 1, Note 5, Life Policy and Investment Contract Reserves.
We discussed our life insurance reserving practices in our 2025 Annual Report on Form 10-K, Item 7, Life Insurance Policyholder Obligations and Reserves, Page 99.
−Removed: Cincinnati Financial Corporation Third-Quarter 2025 10-Q
+Added: Cincinnati Financial Corporation First-Quarter 2026 10-Q
OTHER MATTERS
4 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.