34 unchanged sentences
and the potential for nonpayment or delay in payment by reinsurers
−Removed: Cincinnati Financial Corporation First-Quarter 2026 10-Q
+Added: Cincinnati Financial Corporation Second-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 First-Quarter 2026 10-Q
+Added: Cincinnati Financial Corporation Second-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 First-Quarter 2026 10-Q
+Added: Cincinnati Financial Corporation Second-Quarter 2026 10-Q
CORPORATE FINANCIAL HIGHLIGHTS
Net Income and Comprehensive Income Data
−Removed: (Dollars in millions, except per share data) Three months ended March 31,
−Removed: 2026 2025 % Change
+Added: (Dollars in millions, except per share data) Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 % Change 2026 2025 % Change
Earned premiums $ 2,635 $ 2,480 6 $ 5,239 $ 4,824 9
2 unchanged sentences
Total revenues 4,274 3,248 32 7,137 5,814 23
−Removed: Net income (loss) 274 (90) nm
−Removed: Comprehensive income (loss) 123 (52) nm
−Removed: Net income (loss) per share—diluted 1.75 (0.57) nm
+Added: Net income 1,255 685 83 1,529 595 157
+Added: Comprehensive income 1,305 707 85 1,428 655 118
+Added: Net income per share—diluted 8.05 4.34 85 9.78 3.77 159
Cash dividends declared per share 0.94 0.87 8 1.88 1.74 8
Diluted weighted average shares outstanding 155.7 157.8 (1) 156.3 157.8 (1)
−Removed: 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.
+Added: Total revenues increased $1.026 billion for the second quarter of 2026, compared with the second quarter of 2025, including higher net investment gains, earned premiums and investment income.
+Added: For the first six months of 2026, compared with the same period of 2025, total revenues increased $1.323 billion, including higher net investment gains, 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 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.
−Removed: 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.
+Added: Net income for the second quarter of 2026, compared with the second quarter of 2025, increased $570 million, including increases of $657 million in after-tax investment gains and losses and $28 million in after-tax investment income, partially offset by a decrease of $115 million in after-tax property casualty underwriting profit.
+Added: Catastrophe losses for the second quarter of 2026, mostly weather related, were $61 million higher after taxes and contributed unfavorably to both net income and property casualty underwriting profit.
+Added: Life insurance segment results decreased by $1 million on a pretax basis.
+Added: For the first six months of 2026, net income increased $934 million, compared with the first six months of 2025,
+Added: including increases of $654 million in after-tax investment gains and losses, $211 million in after-tax property casualty underwriting income and $59 million in after-tax investment income.
+Added: The property casualty underwriting income increase included a favorable $172 million after-tax effect from lower catastrophe losses.
Life insurance segment results increased by $1 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 three months of 2026, cash dividends declared by the company increased 8% compared with the same period of 2025.
+Added: During the first six 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 First-Quarter 2026 10-Q
+Added: Cincinnati Financial Corporation Second-Quarter 2026 10-Q
Balance Sheet Data and Performance Measures
−Removed: (Dollars in millions, except share data) At March 31, At December 31,
+Added: (Dollars in millions, except share data) At June 30, At December 31,
Total investments $ 33,153 $ 31,783
5 unchanged sentences
Debt-to-total-capital ratio 4.6 % 4.9 %
−Removed: 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.
−Removed: Shareholders' equity decreased 1% and book value per share also decreased 1% during the first three months of 2026.
−Removed: Our debt-to-total-capital ratio (capital is the sum of debt plus shareholders' equity) matched year-end 2025.
+Added: Total assets at June 30, 2026, increased 5% compared with year-end 2025, and included an increase of 4% in total investments that reflected net purchases and higher fair values for many securities in our equity portfolio.
+Added: Shareholders' equity increased 5% and book value per share increased 6% during the first six months of 2026.
+Added: Our debt-to-total-capital ratio (capital is the sum of debt plus shareholders' equity) decreased compared with year-end 2025.
Our value creation ratio is our primary performance metric.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: As shown in the tables below, that ratio was 8.0% for the first six months of 2026, compared with 4.6% for the same period in 2025.
+Added: The increase was primarily due to an increase in overall net gains from our investment portfolio and net income before investment gains.
+Added: Book value per share increased $6.29 during the first six months of 2026 and contributed 6.2 percentage points to the value creation ratio, while dividends declared at $1.88 per share contributed 1.8 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 March 31,
+Added: Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 2026 2025
Value creation ratio major contributors:
4 unchanged sentences
Value creation ratio 7.9 % 5.2 % 8.0 % 4.6 %
−Removed: Cincinnati Financial Corporation First-Quarter 2026 10-Q
−Removed: (Dollars are per share) Three months ended March 31,
+Added: Cincinnati Financial Corporation Second-Quarter 2026 10-Q
+Added: (Dollars are per share) Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 2026 2025
Value creation ratio:
14 unchanged sentences
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 March 31, 2026, we actively marketed through 2,361 agencies located in 46 states.
+Added: At June 30, 2026, we actively marketed through 2,407 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 three months of 2026, our consolidated property casualty net written premium year-over-year growth was 7%.
+Added: For the first six months of 2026, our consolidated property casualty net written premium year-over-year growth was 5%.
As of February 2026, A.M.
3 unchanged sentences
• 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 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.
−Removed: Our statutory combined ratio was 95.6% for the first three months of 2026.
+Added: For the first six months of 2026, our GAAP combined ratio was 98.2%, including 12.8 percentage points of current accident year catastrophe losses partially offset by 2.4 percentage points of favorable loss reserve development on prior accident years.
+Added: Our statutory combined ratio was 97.3% for the first six months of 2026.
As of February 2026, A.M.
2 unchanged sentences
• 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 three months of 2026, pretax investment income was $318 million, up 14% compared with the same period in 2025.
+Added: For the first six months of 2026, pretax investment income was $637 million, up 13% 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 First-Quarter 2026 10-Q
+Added: Cincinnati Financial Corporation Second-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 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.
−Removed: Our debt-to-total-capital ratio was 4.9% at March 31, 2026.
−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 March 31, 2026, matching year-end 2025.
+Added: At June 30, 2026, we held $5.722 billion of our cash and cash equivalents and invested assets at the parent-company level, of which $5.232 billion, or 91.4%, was invested in common stocks, and $201 million, or 3.5%, was cash or cash equivalents.
+Added: Our debt-to-total-capital ratio was 4.6% at June 30, 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 June 30, 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 April 24, 2026, our insurance subsidiaries continued to be highly rated.
+Added: At July 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 First-Quarter 2026 10-Q
+Added: Cincinnati Financial Corporation Second-Quarter 2026 10-Q
CONSOLIDATED PROPERTY CASUALTY INSURANCE HIGHLIGHTS
1 unchanged sentence
SM (Cincinnati Global).
−Removed: (Dollars in millions) Three months ended March 31,
−Removed: 2026 2025 % Change
+Added: (Dollars in millions) Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 % Change 2026 2025 % Change
Earned premiums $ 2,548 $ 2,397 6 $ 5,067 $ 4,661 9
5 unchanged sentences
Prior accident years before catastrophe losses (44) (57) 23 (112) (107) (5)
−Removed: Prior accident years catastrophe losses (13) (41) 68
+Added: Prior accident years catastrophe losses 2 (6) nm (11) (47) 77
Loss and loss expenses 1,808 1,587 14 3,475 3,474 0
Underwriting expenses 761 685 11 1,502 1,364 10
−Removed: Underwriting profit (loss) $ 115 $ (298) nm
+Added: Underwriting profit (loss) $ (18) $ 128 nm $ 97 $ (170) nm
Ratios as a percent of earned premiums:
9 unchanged sentences
Combined ratio before catastrophe losses and prior years reserve development 88.1 % 85.1 % 3.0 87.8 % 87.7 % 0.1
−Removed: Our consolidated property casualty insurance operations generated an underwriting profit of $115 million for the first quarter of 2026.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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: Our consolidated property casualty insurance operations generated an underwriting loss of $18 million for the second quarter of 2026 and an underwriting profit of $97 million for the first six months of 2026.
+Added: The second-quarter 2026 underwriting profit decrease of $146 million, compared with second-quarter 2025, included an unfavorable increase of $77 million in losses from catastrophes, mostly caused by severe weather, and a lower amount of total favorable reserve development on prior accident years.
+Added: The change in underwriting profitability for the second quarter of 2026 was primarily from higher incurred but not reported (IBNR) loss and loss expenses for the current accident year.
+Added: The six-month underwriting profit of $97 million, compared with an underwriting loss of $170 million for the first six months of 2025, included a favorable decrease of $254 million in current accident year catastrophe losses.
+Added: For the first six months of 2026, the combined ratio before catastrophe losses and prior years reserve development increased by 0.1% percentage points compared with the same period of 2025.
+Added: Cincinnati Financial Corporation Second-Quarter 2026 10-Q
+Added: Underwriting results for the second quarter and first six months of 2026 included ratios for the current accident year before catastrophe losses that increased for the second quarter and decreased for the first six months of 2026.
+Added: Pricing segmentation is expected to help offset elevated losses reflecting economic or other forms of inflation.
When estimating the ultimate cost of total loss and loss expenses, we consider many factors, including trends for inflation, historical paid and reported losses, large loss activity and other data or information for the industry or our company.
1 unchanged sentence
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 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.
−Removed: Cincinnati Financial Corporation First-Quarter 2026 10-Q
+Added: For all property casualty lines of business in aggregate, net loss and loss expense reserves at June 30, 2026, were $981 million or 9%, higher than at year-end 2025, including an increase of $845 million for the incurred but not reported (IBNR) portion.
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 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.
+Added: Our consolidated property casualty combined ratio for the second quarter of 2026 increased by 5.9 percentage points, compared with the same period of 2025, including an increase of 2.3 points from catastrophe losses and loss expenses.
+Added: For the first six months of 2026, compared with the 2025 six-month period, our combined ratio decreased by 5.6 percentage points, including a decrease of 5.8 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 3.2 percentage points in the first three months of 2026, compared with 4.0 percentage points in the same period of 2025.
+Added: Net favorable development on prior accident year reserves, including reserves for catastrophe losses, benefited the combined ratio by 2.4 percentage points in the first six months of 2026, compared with 3.3 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 three months of 2026.
−Removed: 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.
+Added: The ratio for current accident year loss and loss expenses before catastrophe losses improved in the first six months of 2026.
+Added: That 58.2% ratio was 0.2 percentage points lower, compared with the 58.4% accident year 2025 ratio measured as of June 30, 2025, including a ratio for large losses of $2 million or more per claim, discussed below, that matched the 2025 ratio.
The ratio improvement of 0.2 percentage points included an increase of 0.9 points for the IBNR portion and a decrease of 1.1 points for the case incurred portion.
−Removed: 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.
−Removed: The underwriting expense ratio decreased for the first quarter of 2026, compared with the same period a year ago.
−Removed: The decrease was partly due to premium growth outpacing growth in various expenses.
−Removed: The three-month 2026 ratio also included a favorable 0.7 points for the effect of first-quarter 2025 reinstatement premiums.
−Removed: The ratio for both periods also included ongoing expense management efforts.
+Added: The underwriting expense ratio increased for the second quarter and first fix months of 2026, compared with the same periods a year ago.
+Added: The increases were largely due to increases in commissions and timing of recognition of certain expenses.
+Added: Cincinnati Financial Corporation Second-Quarter 2026 10-Q
Consolidated Property Casualty Insurance Premiums
−Removed: (Dollars in millions) Three months ended March 31,
−Removed: 2026 2025 % Change
+Added: (Dollars in millions) Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 % Change 2026 2025 % Change
Agency renewal written premiums $ 2,254 $ 2,135 6 $ 4,299 $ 4,047 6
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 three months ended March 31, 2026, grew $173 million compared with the same period of 2025.
+Added: Consolidated property casualty net written premiums for the second quarter and six months ended June 30, 2026, grew $92 million and $265 million compared with the same periods 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 $44 million for the first three months of 2026, compared with the same period of 2025, due to the personal lines segment.
−Removed: 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.
+Added: Consolidated property casualty agency new business written premiums decreased by $51 million for the second quarter and decreased by $95 million for the first six months of 2026, compared with the same periods of 2025, due to the personal lines segment.
+Added: New agency appointments during 2026 and 2025 produced a $38 million increase in new business for the first six 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
−Removed: Cincinnati Financial Corporation First-Quarter 2026 10-Q
+Added: While this business is new to us, in many cases it is not new to the agent.
We believe these seasoned accounts tend to be priced more accurately than business that may be less familiar to our agent upon obtaining it from a competing agent.
−Removed: 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.
−Removed: The first three months of 2025 included a favorable $12 million of net reinstatement premiums to reinstate treaties affected by the California wildfires.
+Added: Net written premiums for Cincinnati Re, included in other written premiums, increased by $27 million in both the second quarter and the six months ended June 30, 2026, compared with the same periods of 2025, to $191 million and $445 million, respectively.
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 $23 million to $98 million for the three months ended March 31, 2026, compared with the same period of 2025.
+Added: Net written premiums for Cincinnati Global increased by $1 million in the second quarter and $23 million for the six months ended June 30, 2026, to $98 million and $196 million, respectively, compared with the same periods 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 $76 million for the first three months of 2026, compared with the same period of 2025.
−Removed: 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.
+Added: A decrease in ceded premiums increased net written premiums by $5 million and $81 million for the second quarter and first six months of 2026, compared with the same periods of 2025.
+Added: Other written premiums for the first six months of 2025 included a net unfavorable amount of $52 million for reinsurance treaty reinstatement premiums related to the California wildfires.
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 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.
−Removed: During the first quarter of 2026, there were no material changes to our estimates of ultimate losses related to the January 2025 California wildfires.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: Cincinnati Financial Corporation First-Quarter 2026 10-Q
+Added: Losses from catastrophes contributed 14.5 and 12.6 percentage points to the combined ratio in the second quarter and first six months of 2026, compared with 12.2 and 18.4 percentage points in the same periods of 2025.
+Added: Effective June 1, 2026, we renewed the reinsurance program for Cincinnati Re only, which provides retrocession coverages with various triggers, exclusions and unique features.
+Added: The program includes property catastrophe excess of loss coverage in excess of various per occurrence retentions that are based on the territory of the subject business, with a total available limit of $63 million per occurrence.
+Added: Ceded premiums for the one-year renewal period of coverage from the program are estimated to be approximately $14 million.
+Added: Cincinnati Financial Corporation Second-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 March 31,
−Removed: Dates Region lines lines lines Other Total
+Added: (Dollars in millions, net of reinsurance) Three months ended June 30, Six months ended June 30,
+Added: Dates Region lines lines lines Other Total lines lines lines Other Total
23-29 Midwest, Northeast, South $ — $ 3 $ — $ (1) $ 2 $ 15 $ 32 $ — $ 1 $ 48
2 unchanged sentences
26-27 Midwest (3) 6 — — 3 32 9 — — 41
+Added: 12-16 Midwest, Northeast, South 72 51 2 5 130 72 51 2 5 130
+Added: 22 - May 1 Midwest, South 25 32 — — 57 25 32 — — 57
+Added: 9-12 Midwest, Northeast, South 24 14 — — 38 24 14 — — 38
All other 2026 catastrophes 36 75 1 21 133 68 128 2 33 231
3 unchanged sentences
14-17 Midwest, Northeast, South 5 13 — 2 20 47 88 1 2 138
+Added: 1-7 Midwest, South 20 40 — — 60 20 40 — — 60
+Added: May 15-16 Midwest, Northeast 23 65 — — 88 23 65 — — 88
All other 2025 catastrophes 40 87 2 — 129 54 110 3 3 170
−Removed: Development on 2024 and prior catastrophes (14) (13) (1) (13) (41)
+Added: Development on 2024 and prior
+Added: catastrophes (3) (13) — 10 (6) (17) (26) (1) (3) (47)
Calendar year incurred total $ 85 $ 191 $ 2 $ 12 $ 290 $ 127 $ 601 $ 3 $ 126 $ 857
−Removed: Cincinnati Financial Corporation First-Quarter 2026 10-Q
+Added: Cincinnati Financial Corporation Second-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 March 31,
−Removed: 2026 2025 % Change
+Added: (Dollars in millions, net of reinsurance) Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 % Change 2026 2025 % Change
Current accident year losses greater than $5 million $ 29 $ 15 93 $ 37 $ 41 (10)
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 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.
−Removed: The ratio for these large losses was 1.4 percentage points lower compared with last year's first quarter.
+Added: The second-quarter 2026 property casualty total large losses incurred of $135 million, net of reinsurance, was higher than the $111 million quarterly average during full-year 2025 and the $82 million experienced for the second quarter of 2025.
+Added: The ratio for these large losses was 1.9 percentage points higher compared with last year's second quarter.
+Added: The second-quarter 2026 amount of total large losses incurred unfavorably contributed to the increase in the six-month 2026 total large loss ratio, compared with 2025, offsetting a first-quarter 2026 ratio that was 1.4 points lower than the first quarter of 2025.
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.
7 unchanged sentences
• Investments
−Removed: Cincinnati Financial Corporation First-Quarter 2026 10-Q
+Added: Cincinnati Financial Corporation Second-Quarter 2026 10-Q
COMMERCIAL LINES INSURANCE RESULTS
−Removed: (Dollars in millions) Three months ended March 31,
−Removed: 2026 2025 % Change
+Added: (Dollars in millions) Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 % Change 2026 2025 % Change
Earned premiums $ 1,251 $ 1,212 3 $ 2,492 $ 2,391 4
−Removed: Fee revenues 1 2 (50)
+Added: Fee revenues 1 — nm 2 2 0
Total revenues 1,252 1,212 3 2,494 2,393 4
6 unchanged sentences
Underwriting expenses 391 358 9 768 707 9
−Removed: Underwriting profit $ 18 $ 97 (81)
+Added: Underwriting profit (loss) $ (49) $ 87 nm $ (31) $ 184 nm
Ratios as a percent of earned premiums:
10 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 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.
+Added: • Premiums – Earned premiums and net written premiums for the commercial lines segment grew during the second quarter and first six months of 2026, compared with the same periods 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 3% for the first three months of 2026, compared with the same period of 2025, including price increases.
−Removed: 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.
+Added: Agency renewal written premiums increased 3% for the second quarter and first six months of 2026, compared with the same periods of 2025, including price increases.
+Added: During the second 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.
1 unchanged sentence
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.
+Added: Cincinnati Financial Corporation Second-Quarter 2026 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
−Removed: Cincinnati Financial Corporation First-Quarter 2026 10-Q
−Removed: measurement period.
−Removed: 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.
+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 measurement period.
+Added: For commercial lines policies that did expire and were then renewed during the second quarter of 2026, we estimate that our average percentage price increases were in the mid-single-digit range for our commercial casualty and commercial auto lines of business.
+Added: For our commercial property line of business we estimate average price increases were in the low-single-digit range.
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 three months of 2026 also included changes in the level of insured exposures.
+Added: Our commercial lines segment's increase in agency renewal written premiums for the first six months of 2026 also included changes in the level of insured exposures.
Part of the insured exposure increase reflects our response to inflation effects that increase the cost of building materials to repair damaged commercial structures.
Renewal premiums for certain policies, primarily our commercial casualty and workers' compensation lines of business, include the results of policy audits that adjust initial premium amounts based on differences between estimated and actual sales or payroll related to a specific policy.
−Removed: 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.
−Removed: 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.
+Added: Audits completed during the first six months of 2026 contributed $32 million to net written premiums, compared with $48 million for the same period of 2025.
+Added: New business written premiums for commercial lines increased $8 million and $10 million during the second quarter and first six months of 2026, compared with the same periods 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, 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.
+Added: For our commercial lines insurance segment, an increase in ceded premiums decreased net written premiums by less than $1 million and approximately $1 million for the second quarter and first six months of 2026, compared with the same periods of 2025.
Commercial Lines Insurance Premiums
−Removed: (Dollars in millions) Three months ended March 31,
−Removed: 2026 2025 % Change
+Added: (Dollars in millions) Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 % Change 2026 2025 % Change
Agency renewal written premiums $ 1,146 $ 1,116 3 $ 2,330 $ 2,268 3
4 unchanged sentences
Earned premiums $ 1,251 $ 1,212 3 $ 2,492 $ 2,391 4
−Removed: • 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.
−Removed: 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.
+Added: • Combined ratio – The second-quarter 2026 commercial lines combined ratio increased by 11.2 percentage points, compared with the second quarter of 2025, including an increase of 4.9 points in losses from catastrophes.
+Added: The second-quarter combined ratio increased by 2.6 points from current accident year loss and loss expenses before catastrophe losses, including a decrease of 1.4 points for the IBNR portion and an increase of 4.0 points for the case incurred portion.
+Added: For the first six months of 2026, the combined ratio increased by 8.9 percentage points, compared with the same period a year ago, including an increase of 5.3 points in losses from catastrophes.
+Added: The six-month 2026 combined ratio also included an increase of 2.2 points from current accident year loss and loss expenses before catastrophe losses, including an increase of 0.9 points for the IBNR portion and an increase 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 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.
−Removed: 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.
+Added: The current accident year ratios were measured as of June 30 of the respective years and included an increase of 0.7 percentage points for the first six 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 11.9 and 10.7 percentage points of the combined ratio for the second quarter and first six months of 2026, compared with 7.0 and 5.4 percentage points for the same
+Added: Cincinnati Financial Corporation Second-Quarter 2026 10-Q
+Added: periods 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 first three months of 2026 was favorable for commercial lines overall by $53 million, compared with $43 million for the same period in 2025.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: The net effect of reserve development on prior accident years during the second quarter and first six months of 2026 was favorable for commercial lines overall by $17 million and $70 million, compared with $42 million and $85 million for the same periods in 2025.
+Added: For the first six 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 six 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 $14 million of unfavorable reserve development on prior accident years for the second quarter of 2026, driven by one older accident year that included updated estimates of ultimate losses for a small number of insureds.
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: Cincinnati Financial Corporation First-Quarter 2026 10-Q
−Removed: The commercial lines underwriting expense ratio increased for the first three months of 2026, compared with the same period a year ago.
−Removed: The increase was largely due to an increase in profit-sharing commissions for agencies.
+Added: The commercial lines underwriting expense ratio increased for the second quarter and first six months of 2026, compared with the same periods a year ago.
+Added: The increase was largely due to an increase in commission expenses and timing of recognition of certain expenses.
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 March 31,
−Removed: 2026 2025 % Change
+Added: (Dollars in millions, net of reinsurance) Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 % Change 2026 2025 % Change
Current accident year losses greater than $5 million $ 29 $ 5 480 $ 29 $ 12 142
15 unchanged sentences
Total loss ratio 61.4 % 50.6 % 10.8 58.6 % 50.2 % 8.4
+Added: Cincinnati Financial Corporation Second-Quarter 2026 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 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.
−Removed: The decrease in commercial lines large losses for the first three months of 2026 was primarily due to our commercial casualty line of business.
−Removed: 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: The second-quarter 2026 commercial lines total large losses incurred of $115 million, net of reinsurance, was higher than the quarterly average of $74 million during full-year 2025 and the $41 million of total large losses incurred for the second quarter of 2025.
+Added: The increase in commercial lines large losses for the first six months of 2026 was primarily due to our commercial casualty and commercial property lines of business.
+Added: The second-quarter 2026 ratio for commercial lines total large losses was 5.8 percentage points higher than last year's second-quarter ratio.
+Added: The second-quarter 2026 amount of total large losses incurred contributed to the increase in the six-month 2026 total large loss ratio, compared with 2025, offsetting a first-quarter 2026 ratio that was 2.4 points lower than the first quarter of 2025.
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.
−Removed: Cincinnati Financial Corporation First-Quarter 2026 10-Q
PERSONAL LINES INSURANCE RESULTS
−Removed: (Dollars in millions) Three months ended March 31,
−Removed: 2026 2025 % Change
+Added: (Dollars in millions) Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 % Change 2026 2025 % Change
Earned premiums $ 880 $ 804 9 $ 1,753 $ 1,502 17
5 unchanged sentences
Prior accident years before catastrophe losses (18) (6) (200) (23) (12) (92)
−Removed: Prior accident years catastrophe losses (2) (13) 85
+Added: Prior accident years catastrophe losses 7 (13) nm 5 (26) nm
Loss and loss expenses 638 598 7 1,245 1,444 (14)
Underwriting expenses 242 222 9 480 432 11
−Removed: Underwriting profit (loss) $ 30 $ (357) nm
+Added: Underwriting profit (loss) $ 1 $ (14) nm $ 31 $ (371) nm
Ratios as a percent of earned premiums:
10 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 first three months of 2026, primarily due to agency renewal written premium growth that included higher average pricing.
+Added: • Premiums – Personal lines earned premiums and net written premiums continued to grow during the second quarter and first six 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 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.
+Added: Agency renewal written premiums increased 9% and 11% for the second quarter and first six 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.
+Added: Policy retention has also decreased in recent quarters to the
+Added: Cincinnati Financial Corporation Second-Quarter 2026 10-Q
+Added: upper-80% range.
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 and homeowner lines of business increased at average percentages in the high-single-digit range during the first three months of 2026.
+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 six 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 $51 million or 40% for the first three months of 2026, compared with the same period of 2025.
+Added: Personal lines new business written premiums decreased $63 million or 45% for the second quarter of 2026, compared with the same period of 2025.
+Added: For the first six months of 2026, compared with the same period of 2025, personal lines new business written premiums decreased $114 million, or 43%.
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, 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.
−Removed: 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.
−Removed: Cincinnati Financial Corporation First-Quarter 2026 10-Q
+Added: For our personal lines insurance segment, an increase in 2026 ceded premiums decreased net written premiums by approximately $4 million for the second quarter of 2026 compared with the same period of 2025.
+Added: For the first six months of 2026, a decrease in 2026 ceded premiums increased net written premiums by approximately $59 million compared with the same period of 2025.
+Added: Ceded premiums for the first six months of 2025 included a net amount of $64 million for reinsurance reinstatement premiums related to the January 2025 wildfires in southern California.
Personal Lines Insurance Premiums
−Removed: (Dollars in millions) Three months ended March 31,
−Removed: 2026 2025 % Change
+Added: (Dollars in millions) Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 % Change 2026 2025 % Change
Agency renewal written premiums $ 943 $ 866 9 $ 1,669 $ 1,500 11
4 unchanged sentences
Earned premiums $ 880 $ 804 9 $ 1,753 $ 1,502 17
−Removed: • 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.
−Removed: 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.
−Removed: The three-month 2025 current accident year ratio before catastrophe losses included an unfavorable 5.3 points for the effect of reinstatement premiums.
−Removed: 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.
−Removed: 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.
+Added: • Combined ratio – Our personal lines combined ratio for the second quarter of 2026 improved by 2.1 percentage points, compared with second-quarter 2025, including a decrease of 1.6 points in losses from catastrophes.
+Added: The second-quarter 2026 combined ratio improvement also included an increase of 1.0 percentage points from current accident year loss and loss expenses before catastrophe losses, including an increase of 4.1 points for the IBNR portion and a decrease of 3.1 points for the case incurred portion.
+Added: For the first six months of 2026, the combined ratio improved by 26.5 percentage points, compared with the same period a year ago, including a decrease of 20.5 points in losses from catastrophes.
+Added: The six-month 2026 combined ratio improvement also included a decrease of 4.1 points from current accident year loss and loss expenses before catastrophe losses, including an increase of 0.4 points in the IBNR portion and a decrease of 4.5 points for the case incurred portion.
+Added: The total current accident year ratios before catastrophe losses were measured as of June 30 of the respective years and included a decrease of 1.0 percentage points for the first six 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 22.2 and 19.5 percentage points of the combined ratio for the second quarter and first six months of 2026, compared with 23.8 and 40.0 points for the same periods 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 first quarter of 2026 was favorable by $7 million, compared with $19 million for the same period of 2025.
−Removed: Our homeowner line of business was the main contributor to the personal lines net favorable reserve development for the first three months of 2026.
+Added: Cincinnati Financial Corporation Second-Quarter 2026 10-Q
+Added: The net effect of reserve development on prior accident years during the second quarter and first six months of 2026 was favorable by $11 million and $18 million, compared with $19 million and $38 million for the same periods of 2025.
+Added: Our homeowner line of business was the main contributor to the personal lines net favorable reserve development for the first six 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 first three months of 2026, compared with the same period a year ago.
−Removed: The decrease was partly due to growth in premiums outpacing growth in various expenses.
−Removed: The three-month 2025 ratio also included an unfavorable 2.5 points for the effect of reinstatement premiums.
+Added: The personal lines underwriting expense ratio decreased for the second quarter and first six months of 2026, compared with the same periods a year ago.
+Added: The second-quarter and six-month decreases were partly due to growth in premiums outpacing growth in various expenses.
The ratio for both periods also included ongoing expense management efforts.
−Removed: 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 March 31,
−Removed: 2026 2025 % Change
+Added: (Dollars in millions, net of reinsurance) Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 % Change 2026 2025 % Change
Current accident year losses greater than $5 million $ — $ 10 (100) $ 8 $ 29 (72)
Current accident year losses $2 million - $5 million 22 18 22 37 23 61
−Removed: Large loss prior accident year reserve development 15 12 25
+Added: Large loss prior accident year reserve development (2) 13 nm 13 25 (48)
Total large losses incurred 20 41 (51) 58 77 (25)
14 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 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.
−Removed: 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.
−Removed: 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.
−Removed: Cincinnati Financial Corporation First-Quarter 2026 10-Q
+Added: In the second quarter of 2026, the personal lines total large loss ratio, net of reinsurance, was 2.9 percentage points lower than last year's second quarter.
+Added: The second-quarter 2026 amount of total large losses incurred favorably contributed to the decrease in the six-month 2026 total large loss ratio, compared with 2025, in addition to a first-quarter 2026 ratio that was 0.8 points lower than the first quarter of 2025.
+Added: We believe results for the three- and six-month periods largely reflected normal fluctuations in loss patterns and normal variability in large case reserves for claims above $2 million.
+Added: Cincinnati Financial Corporation Second-Quarter 2026 10-Q
EXCESS AND SURPLUS LINES INSURANCE RESULTS
−Removed: (Dollars in millions) Three months ended March 31,
−Removed: 2026 2025 % Change
+Added: (Dollars in millions) Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 % Change 2026 2025 % Change
Earned premiums $ 189 $ 174 9 $ 369 $ 336 10
21 unchanged sentences
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 first three months of 2026, compared with the same period a year ago, including increases in both agency renewal and new business written premiums.
−Removed: 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.
−Removed: 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.
+Added: • Premiums – Excess and surplus lines earned premiums and net written premiums continued to grow during the second quarter and first six months of 2026, compared with the same periods a year ago, including increases in both agency renewal and new business written premiums.
+Added: Renewal written premiums rose 8% for the second quarter and six months ended June 30, 2026, compared with the same periods of 2025, including higher renewal pricing.
+Added: For both 2026 periods, excess and surplus lines policy renewals experienced estimated average price increases at percentages in the low-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: 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.
+Added: New business written premiums produced by agencies increased by 6% for the second quarter and 8% for the first six months of 2026 compared with the same periods 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.
−Removed: Cincinnati Financial Corporation First-Quarter 2026 10-Q
+Added: Cincinnati Financial Corporation Second-Quarter 2026 10-Q
Excess and Surplus Lines Insurance Premiums
−Removed: (Dollars in millions) Three months ended March 31,
−Removed: 2026 2025 % Change
+Added: (Dollars in millions) Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 % Change 2026 2025 % Change
Agency renewal written premiums $ 165 $ 153 8 $ 300 $ 279 8
4 unchanged sentences
Earned premiums $ 189 $ 174 9 $ 369 $ 336 10
−Removed: • 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: • Combined ratio – The excess and surplus lines combined ratio improved by 0.6 percentage points for the second quarter and increased 0.1 points for the first six months of 2026, compared with the same periods of 2025.
+Added: Changes in the combined ratio were largely due to lower ratios for current accident year loss and loss expenses, including catastrophe losses, and were partially offset by higher ratios for underwriting expenses.
+Added: The 64.6% second-quarter 2026 ratio for current accident year loss and loss expenses before catastrophe losses was 0.3 percentage points lower, compared with the 64.9% accident year 2025 ratio measured as of June 30, 2025, including an increase of 2.2 points for the IBNR portion and a decrease of 2.5 points for the case incurred portion.
+Added: The six-month 2026 ratio for current accident year loss and loss expenses before catastrophe losses was 0.6 percentage points lower, compared with the 65.2% accident year 2025 ratio measured as of June 30, 2025, including an increase of 1.0 points for the IBNR portion and a decrease of 1.6 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 3.0% for the second quarter and 3.8% for the first six months of 2026, compared with 3.0% and 4.1% for the same periods 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 first three months of 2026 compared with the same period a year ago, primarily due to an increase in commission expenses.
+Added: The excess and surplus lines underwriting expense ratio increased for the second quarter and first six months of 2026 compared with the same periods a year ago, due to timing of recognition of various expenses.
The ratio also included ongoing expense management efforts and premium growth.
−Removed: Cincinnati Financial Corporation First-Quarter 2026 10-Q
+Added: Cincinnati Financial Corporation Second-Quarter 2026 10-Q
Excess and Surplus Lines Insurance Losses Incurred by Size
−Removed: (Dollars in millions, net of reinsurance) Three months ended March 31,
−Removed: 2026 2025 % Change
−Removed: Current accident year losses greater than $5 million $ — $ — nm
−Removed: Current accident year losses $2 million - $5 million — — nm
−Removed: Large loss prior accident year reserve development — — nm
−Removed: Total large losses incurred — — nm
+Added: (Dollars in millions, net of reinsurance) Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 % Change 2026 2025 % Change
+Added: Current accident year losses greater than $5 million $ — $ — nm $ — $ — nm
+Added: Current accident year losses $2 million - $5 million — — nm — — nm
+Added: Large loss prior accident year reserve development — — nm — — nm
+Added: Total large losses incurred — — nm — — nm
Losses incurred but not reported 57 31 84 95 77 23
Other losses excluding catastrophe losses 24 42 (43) 64 66 (3)
−Removed: Catastrophe losses 1 — nm
+Added: Catastrophe losses 2 3 (33) 3 3 0
Total losses incurred $ 83 $ 76 9 $ 162 $ 146 11
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 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.
−Removed: Cincinnati Financial Corporation First-Quarter 2026 10-Q
+Added: In the second quarter and first six months of both 2026 and 2025, our excess and surplus lines insurance segment had no large losses of $2 million or more per claim.
+Added: We believe results for the three- and six-month periods largely reflected normal fluctuations in loss patterns.
+Added: Cincinnati Financial Corporation Second-Quarter 2026 10-Q
LIFE INSURANCE RESULTS
−Removed: (Dollars in millions) Three months ended March 31,
−Removed: 2026 2025 % Change
+Added: (Dollars in millions) Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 % Change 2026 2025 % Change
Earned premiums $ 87 $ 83 5 $ 172 $ 163 6
7 unchanged sentences
Performance highlights for the life insurance segment include:
−Removed: • 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.
−Removed: 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.
−Removed: 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.
+Added: • Revenues – Revenues increased for the six months ended June 30, 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 2% to $88.734 billion at June 30, 2026, from $87.311 billion at year-end 2025.
+Added: Fixed annuity deposits received for the three and six months ended June 30, 2026, were $7 million and $14 million, compared with $8 million and $12 million for the same periods 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 March 31,
−Removed: 2026 2025 % Change
+Added: (Dollars in millions) Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 % Change 2026 2025 % Change
Term life insurance $ 64 $ 61 5 $ 125 $ 118 6
4 unchanged sentences
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 $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.
+Added: A profit of $29 million for our life insurance segment in the first six months of 2026, compared with a profit of $28 million for the same period of 2025, was primarily due to more favorable mortality experience and increased earned premiums, partially offset by less favorable impacts from the unlocking of interest rate and other actuarial assumptions.
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 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.
−Removed: Underwriting expenses for the first three months of 2026 matched the same period a year ago.
+Added: Total benefits increased in the first six 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 six months of 2026 increased compared with the same period a year ago, largely due to higher general insurance expenses compared to the same period of 2025.
+Added: Cincinnati Financial Corporation Second-Quarter 2026 10-Q
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.
−Removed: On a basis that includes investment income and investment gains or losses from life-insurance-related
−Removed: Cincinnati Financial Corporation First-Quarter 2026 10-Q
−Removed: 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.
−Removed: 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.
+Added: On a basis that includes investment income and investment gains or losses from life-insurance-related invested assets, the life insurance subsidiary reported net income of $30 million and $56 million for the three and six months ended June 30, 2026, compared with $26 million and $47 million for the three and six months ended June 30, 2025.
+Added: The life insurance subsidiary portfolio had net after-tax investment losses of less than $1 million and $1 million for the three and six months ended June 30, 2026, compared with $3 million and $4 million for the three and six months ended June 30, 2025.
INVESTMENTS RESULTS
2 unchanged sentences
Investment Income
−Removed: Pretax investment income grew 14% for the first three months of 2026, compared with the same period of 2025.
−Removed: 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.
−Removed: Dividend income increased by $9 million for the three months ended March 31, 2026.
−Removed: 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.
+Added: Pretax investment income grew 12% for the second quarter and 13% for the first six months of 2026, compared with the same periods of 2025.
+Added: Interest income increased by $30 million and $55 million for the three and six months ended June 30, 2026, 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 $2 million for the second quarter and $11 million for the first six months of 2026.
+Added: The increase for the first six months of 2026 was primarily due to a $6 million special dividend from one of our holdings in first-quarter 2026 in addition to dividend payouts that have modestly trended upward in recent quarters.
Investments Results
−Removed: (Dollars in millions) Three months ended March 31,
−Removed: 2026 2025 % Change
+Added: (Dollars in millions) Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 % Change 2026 2025 % Change
Total investment income, net of expenses $ 319 $ 285 12 $ 637 $ 565 13
7 unchanged sentences
(Dollars in millions) % Yield Principal redemptions
−Removed: At March 31, 2026
+Added: At June 30, 2026
Fixed-maturity pretax yield profile:
3 unchanged sentences
Average yield and total expected maturities from the remainder of 2026 through 2028 5.18 $ 2,488
−Removed: Cincinnati Financial Corporation First-Quarter 2026 10-Q
+Added: Cincinnati Financial Corporation Second-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-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.
−Removed: 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.
−Removed: Three months ended March 31,
+Added: The average yield-to-amortized cost for total fixed-maturity securities acquired during the first six 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 5.06% for the first six 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 June 30, Six months ended June 30,
+Added: 2026 2025 2026 2025
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 March 31,
−Removed: 2026 2025 % Change
+Added: (Dollars in millions) Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 % Change 2026 2025 % Change
Investment income:
5 unchanged sentences
Less income taxes
+Added: 55 49 12 110 97 13
Total investment income, after-tax $ 264 $ 236 12 $ 527 $ 468 13
10 unchanged sentences
Effective tax rate 18.5 18.4 18.5 18.3
−Removed: Cincinnati Financial Corporation First-Quarter 2026 10-Q
+Added: Cincinnati Financial Corporation Second-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 March 31,
+Added: (Dollars in millions) Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 2026 2025
Investment gains and losses:
8 unchanged sentences
Subtotal 5 (12) 5 (14)
+Added: Other 3 5 4 12
Total investment gains and losses reported in net income 1,308 473 1,238 406
1 unchanged sentence
Fixed maturities 75 28 (145) 95
+Added: Short-term (1) — (1) —
Total $ 1,382 $ 501 $ 1,092 $ 501
−Removed: 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.
+Added: Of the 5,484 fixed-maturity and short-term securities in the portfolio, 14 securities were trading below 70% of amortized cost at June 30, 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 First-Quarter 2026 10-Q
+Added: Cincinnati Financial Corporation Second-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 three months of 2026 for our Other operations increased slightly, compared with the same period of 2025.
−Removed: Cincinnati Re had $152 million of earned premiums for the first three months of 2026 and generated an underwriting profit of $31 million.
−Removed: Cincinnati Global had $73 million of earned premiums for the first three months of 2026 and generated an underwriting profit of $15 million.
−Removed: 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.
+Added: Total revenues for the first six months of 2026 for our Other operations increased, compared with the same period of 2025, primarily due to earned premiums from Cincinnati Re and Cincinnati Global, with increases of $2 million and $19 million, respectively.
+Added: Cincinnati Re had $305 million of earned premiums for the first six months of 2026 and generated an underwriting profit of $50 million.
+Added: Cincinnati Global had $148 million of earned premiums for the first six months of 2026 and generated an underwriting profit of $7 million.
+Added: Total expenses for Other decreased for the first six 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 three months of 2026, total other income was driven by underwriting profit from Cincinnati Re and Cincinnati Global.
−Removed: 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.
−Removed: (Dollars in millions) Three months ended March 31,
−Removed: 2026 2025 % Change
+Added: For the first six months of 2026, total other income was driven by underwriting profit from Cincinnati Re and Cincinnati Global.
+Added: For the first six 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 June 30, Six months ended June 30,
+Added: 2026 2025 % Change 2026 2025 % Change
Interest and fees on loans and leases $ 3 $ 2 50 $ 6 $ 5 20
7 unchanged sentences
Total expenses 242 192 26 443 499 (11)
−Removed: Total other income (loss) $ 30 $ (78) nm
−Removed: 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.
−Removed: 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: Total other income (loss) $ (7) $ 20 nm $ 23 $ (58) nm
+Added: We had $321 million and $373 million of income tax expense for the three and six months ended June 30, 2026, compared with $170 million and $132 million of income tax expense for the same periods of 2025.
+Added: The effective tax rate for the three and six months ended June 30, 2026, was 20.4% and 19.6% compared with 19.9% and 18.2% for the same periods last year.
The change in our effective tax rate between periods was primarily due to changes in underwriting income, changes in our net investment gains and losses and investment income.
5 unchanged sentences
Details about our effective tax rate are in this quarterly report Item 1, Note 9, Income Taxes.
−Removed: Cincinnati Financial Corporation First-Quarter 2026 10-Q
+Added: Cincinnati Financial Corporation Second-Quarter 2026 10-Q
LIQUIDITY AND CAPITAL RESOURCES
−Removed: At March 31, 2026, shareholders' equity was $15.714 billion, compared with $15.911 billion at December 31, 2025.
−Removed: Total debt was $816 million at March 31, 2026, relatively unchanged from $815 million at December 31, 2025.
−Removed: At March 31, 2026, cash and cash equivalents totaled $1.210 billion, compared with $1.431 billion at December 31, 2025.
+Added: At June 30, 2026, shareholders' equity was $16.671 billion, compared with $15.911 billion at December 31, 2025.
+Added: Total debt was $808 million at June 30, 2026, down $7 million from $815 million at December 31, 2025.
+Added: At June 30, 2026, cash and cash equivalents totaled $1.750 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 $200 million to the parent company in the first three months of 2026, compared with no dividends declared for the same period of 2025.
+Added: Our lead insurance subsidiary declared dividends of $400 million to the parent company in the first six months of 2026, compared with $175 million for the same period of 2025.
For full-year 2025, our lead insurance subsidiary paid dividends totaling $550 million to the parent company.
12 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 March 31,
−Removed: 2026 2025 % Change
+Added: (Dollars in millions) Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 % Change 2026 2025 % Change
Premiums collected $ 2,603 $ 2,466 6 $ 5,084 $ 4,743 7
1 unchanged sentence
Commissions and other underwriting expenses paid (714) (668) (7) (1,686) (1,592) (6)
−Removed: Cash flow from underwriting 308 (46) nm
+Added: Cash flow from underwriting 596 552 8 904 506 79
Investment income received 231 207 12 460 413 11
Cash flow from operations $ 827 $ 759 9 $ 1,364 $ 919 48
−Removed: Collected premiums for property casualty insurance rose $204 million during the first three months of 2026, compared with the same period in 2025.
+Added: Collected premiums for property casualty insurance rose $341 million during the first six months of 2026, compared with the same period in 2025.
Loss and loss expenses paid for the 2026 period decreased $151 million.
Commissions and other underwriting expenses paid increased $94 million.
−Removed: 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.
+Added: Cincinnati Financial Corporation Second-Quarter 2026 10-Q
Capital Resources
−Removed: 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.
−Removed: 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: At June 30, 2026, our debt-to-total-capital ratio was 4.6%, considerably below our 35% covenant threshold, with $791 million in long-term debt and $17 million in borrowing on our revolving short-term line of credit.
+Added: At June 30, 2026 , $383 million was available for future cash management needs as part of the general provisions of the line of credit agreement.
The line of credit also includes a $400 million accordion feature, a $400 million sublimit for letters of credit, and a $75 million sublimit for swing line loans.
−Removed: 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.
+Added: Based on our capital requirements at June 30, 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: 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.
+Added: We held common equities with a fair value of $236 million in Lloyd's trust accounts to provide a portion of the capital needed to support Cincinnati Global's operations at June 30, 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: Those firms made no changes to our parent company debt ratings during the first three months of 2026.
+Added: Those firms made no changes to our parent company debt ratings during the first six 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 $710 million in the first three months of 2026.
+Added: • Commissions – Commissions paid were $1.178 billion in the first six 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 $262 million in the first three months of 2026.
−Removed: There were no contributions to our qualified pension plan during the first three months of 2026.
−Removed: Cincinnati Financial Corporation First-Quarter 2026 10-Q
+Added: Noncommission underwriting expenses paid we re $508 million in the first six months of 2026.
+Added: There were no contributions to our qualified pension plan during the first six months of 2026.
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 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.
−Removed: During the first three months of 2026, we used $133 million to pay cash dividends to shareholders.
+Added: In January 2026, the board of directors declared regular quarterly cash dividends of 94 cents
+Added: Cincinnati Financial Corporation Second-Quarter 2026 10-Q
+Added: per share for an indicated annual rate of $3.76 per share.
+Added: During the first six months of 2026, we used $276 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 March 31, 2026, increased $434 million compared with December 31, 2025.
+Added: Total gross reserves at June 30, 2026, increased $956 million compared with December 31, 2025.
Case loss reserves increased by $101 million, IBNR loss reserves increased by $708 million and loss expense reserves increased by $147 million.
The total gross increase was primarily due to our commercial casualty, commercial property, personal auto and homeowner lines of business and excess and surplus lines insurance segment.
−Removed: Cincinnati Financial Corporation First-Quarter 2026 10-Q
+Added: Cincinnati Financial Corporation Second-Quarter 2026 10-Q
Property Casualty Gross Reserves
1 unchanged sentence
Case reserves IBNR reserves Percent of total
−Removed: At March 31, 2026
+Added: At June 30, 2026
Commercial lines insurance:
32 unchanged sentences
LIFE POLICY AND INVESTMENT CONTRACT RESERVES
−Removed: Gross life policy and investment contract reserves were $2.965 billion at March 31, 2026, compared with $2.992 billion at year-end 2025.
+Added: Gross life policy and investment contract reserves were $2.986 billion at June 30, 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 First-Quarter 2026 10-Q
+Added: Cincinnati Financial Corporation Second-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.