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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
 (Mark one)
☑       QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. 
For the quarterly period ended September 30, 2026.
☐       TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. 
For the transition period from _____________________ to _____________________.
Commission file number 0-4604
CINCINNATI FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Ohio31-0746871
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer Identification No.)
6200 S. Gilmore Road, Fairfield,Ohio45014-5141
(Address of principal executive offices)(Zip code)
Registrant's telephone number, including area code: (513) 870-2000
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stockCINFNasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
☑Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
☑Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a nonaccelerated filer, a smaller reporting company or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
☑ Large accelerated filer ☐ Accelerated filer ☐ Nonaccelerated filer ☐ Smaller reporting company
☐ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):
☐Yes ☑ No
As of October 22, 2026, there were 153,510,324 shares of common stock outstanding.

Table of Contents
CINCINNATI FINANCIAL CORPORATION AND SUBSIDIARIES
FORM 10-Q FOR THE QUARTER ENDED September 30, 2026
 
TABLE OF CONTENTS
 
          Safe Harbor Statement
          Corporate Financial Highlights
          Financial Results
          Other Matters

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Part I – Financial Information
Item 1.    Financial Statements (unaudited)
 
Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in millions, except per share data)September 30,December 31,
20262025
Assets
Investments
Fixed maturities, at fair value (amortized cost: 2026—$20,411; 2025—$18,304)
$18,925 $18,123 
Equity securities, at fair value (cost: 2026—$4,273; 2025—$4,155)
13,145 12,694 
Short-term investments, at fair value (amortized cost: 2026—$144; 2025—$148)
141 148 
Other invested assets928 818 
Total investments33,139 31,783 
Cash and cash equivalents1,239 1,431 
Investment income receivable260 235 
Finance receivable149 146 
Premiums receivable3,427 3,142 
Reinsurance recoverable624 655 
Prepaid reinsurance premiums99 71 
Deferred policy acquisition costs1,422 1,344 
Land, building and equipment, net, for company use (accumulated depreciation:
   2026—$381; 2025—$367)
209 219 
Other assets1,039 995 
Separate accounts1,004 981 
Total assets$42,611 $41,002 
Liabilities
Insurance reserves
Loss and loss expense reserves$12,750 $11,507 
Life policy and investment contract reserves2,861 2,992 
Unearned premiums5,643 5,254 
Other liabilities1,680 1,638 
Deferred income tax1,616 1,833 
Note payable17 25 
Long-term debt and lease obligations858 861 
Separate accounts1,004 981 
Total liabilities26,429 25,091 
Commitments and contingent liabilities (Note 12)
Shareholders' Equity
    Common stock, par value—$2 per share; (authorized: 2026 and 2025—500 million
   shares; issued: 2026 and 2025—198.3 million shares)
397 397 
Paid-in capital1,595 1,561 
Retained earnings18,273 16,719 
Accumulated other comprehensive loss(951)(34)
    Treasury stock at cost (2026—44.8 million shares and 2025—42.9 million shares)
(3,132)(2,732)
Total shareholders' equity16,182 15,911 
Total liabilities and shareholders' equity$42,611 $41,002 
 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
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Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Income
(Dollars in millions, except per share data)Three months ended September 30,Nine months ended September 30,
2026202520262025
Revenues
Earned premiums$2,690 $2,567 $7,929 $7,391 
Investment income, net of expenses325 295 962 860 
Investment gains and losses, net20 853 1,258 1,259 
Fee revenues6 5 16 15 
Other revenues6 6 19 15 
Total revenues3,047 3,726 10,184 9,540 
Benefits and Expenses
Insurance losses and contract holders' benefits1,675 1,540 5,313 5,168 
Underwriting, acquisition and insurance expenses799 754 2,349 2,165 
Interest expense12 13 39 40 
Other operating expenses8 6 28 27 
 Total benefits and expenses2,494 2,313 7,729 7,400 
Income Before Income Taxes553 1,413 2,455 2,140 
Provision (Benefit) for Income Taxes
Current120 128 436 167 
Deferred(26)163 31 256 
Total provision for income taxes94 291 467 423 
Net Income$459 $1,122 $1,988 $1,717 
Per Common Share
Net income — basic$2.99 $7.19 $12.88 $10.99 
Net income — diluted2.96 7.11 12.75 10.88 
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
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Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
2026202520262025
Net Income $459 $1,122 $1,988 $1,717 
Other Comprehensive Income (loss)
Change in unrealized gains and losses on investments, net of tax (benefit) of $(249), $51, $(279) and $71, respectively
(913)190 (1,029)265 
Amortization of pension actuarial gain and prior service cost, net of tax (benefit) of $0, $0, $0 and $0, respectively
(1)— (3)(2)
Change in life policy reserves, reinsurance recoverable and other, net of tax (benefit) of $27, $(7), $30 and $(10), respectively
98 (25)115 (38)
Other comprehensive income (loss)(816)165 (917)225 
Comprehensive Income (Loss)$(357)$1,287 $1,071 $1,942 
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

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Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Shareholders' Equity
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
2026202520262025
Common Stock
   Beginning of period$397 $397 $397 $397 
   Share-based awards— — — — 
   End of period397 397 397 397 
Paid-In Capital
   Beginning of period1,582 1,528 1,561 1,502 
   Share-based awards1 2 (9)(1)
   Share-based compensation10 11 37 36 
   Other2 2 6 6 
   End of period1,595 1,543 1,595 1,543 
Retained Earnings
   Beginning of period17,958 15,193 16,719 14,869 
   Net income459 1,122 1,988 1,717 
Dividends declared (144)(136)(434)(407)
   End of period18,273 16,179 18,273 16,179 
Accumulated Other Comprehensive Loss
   Beginning of period(135)(249)(34)(309)
   Other comprehensive income (loss)(816)165 (917)225 
   End of period(951)(84)(951)(84)
Treasury Stock
   Beginning of period(3,131)(2,568)(2,732)(2,524)
   Share-based awards2 — 18 10 
   Shares acquired - share repurchase authorization(1)(60)(395)(102)
   Shares acquired - share-based compensation plans(2)(1)(21)(14)
   Other— — (2)1 
   End of period(3,132)(2,629)(3,132)(2,629)
      Total Shareholders' Equity$16,182 $15,406 $16,182 $15,406 
(In millions, except per common share)
Common Stock - Shares Outstanding
   Beginning of period153.4 156.3 155.4 156.4 
   Share-based awards— 0.1 0.5 0.4 
   Shares acquired - share repurchase authorization— (0.4)(2.4)(0.7)
   Shares acquired - share-based compensation plans— — (0.1)(0.1)
   Other0.1 — 0.1 — 
   End of period153.5 156.0 153.5 156.0 
Dividends declared per common share$0.94 $0.87 $2.82 $2.61 
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
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Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
 (Dollars in millions)Nine months ended September 30,
20262025
Cash Flows From Operating Activities
Net income $1,988 $1,717 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other119 126 
Investment gains and losses, net(1,242)(1,235)
Interest credited to contract holders32 33 
Deferred income tax expense31 256 
Changes in:
Premiums and reinsurance receivable(287)(524)
Deferred policy acquisition costs(78)(118)
Other assets(14)(57)
Loss and loss expense reserves1,243 1,257 
Life policy and investment contract reserves56 34 
Unearned premiums389 610 
Other liabilities(48)43 
Current income tax receivable/payable(42)23 
Net cash provided by operating activities2,147 2,165 
Cash Flows From Investing Activities
Sale, call or maturity of fixed maturities2,002 2,602 
Sale of equity securities1,281 201 
Purchase of fixed maturities(4,049)(3,546)
Purchase of equity securities(497)(319)
Change in short-term investments, net9 154 
Changes in finance receivables(5)(30)
Investment in building and equipment(8)(12)
Change in other invested assets, net(101)(67)
Net cash used in investing activities(1,368)(1,017)
Cash Flows From Financing Activities
Payment of cash dividends to shareholders(418)(392)
Shares acquired - share repurchase authorization(396)(102)
Changes in note payable
(8)— 
Proceeds from stock options exercised13 8 
Contract holders' funds deposited47 47 
Contract holders' funds withdrawn(109)(121)
Other(100)(111)
Net cash used in financing activities(971)(671)
Net change in cash and cash equivalents(192)477 
Cash and cash equivalents at beginning of year1,431 983 
Cash and cash equivalents at end of period$1,239 $1,460 
Supplemental Disclosures of Cash Flow Information:
Interest paid$27 $27 
Income taxes paid425 99 
Noncash Activities
Equipment acquired under finance lease obligations$12 $16 
Share-based compensation51 29 
Other assets and other liabilities180 344 
 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
 
NOTE 1 — Accounting Policies
The condensed consolidated financial statements include the accounts of Cincinnati Financial Corporation and its consolidated subsidiaries, each of which is wholly owned. These statements are presented in conformity with accounting principles generally accepted in the United States of America (GAAP). All intercompany balances and transactions have been eliminated in consolidation.
 
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Our actual results could differ from those estimates. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been condensed or omitted.
 
Our September 30, 2026, condensed consolidated financial statements are unaudited. We believe that we have made all adjustments, consisting only of normal recurring accruals, that are necessary for fair presentation. These condensed consolidated financial statements should be read in conjunction with our consolidated financial statements included in our 2025 Annual Report on Form 10-K. The results of operations for interim periods do not necessarily indicate results to be expected for the full year.

Pending Accounting Updates

ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires increased quantitative disclosure of certain categories of expenses contained within relevant expense captions. The effective date of ASU 2024-03 is for annual periods beginning after December 15, 2026, and interim reporting periods within annual periods beginning after December 15, 2027. The ASU should be applied prospectively with retrospective application and early adoption permitted. The ASU has not yet been adopted and will not have a material impact on our company’s consolidated financial position, results of operations or cash flows, but the ASU will require additional disclosures in our annual and interim financial statements.

ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software
In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 modernizes the accounting for internal-use software costs by eliminating references to prescriptive and sequential software development stages and updating the cost capitalization criteria. The effective date of ASU 2025-06 is for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The ASU has not yet been adopted and will not have a material impact on our company’s consolidated financial position, results of operations or cash flows.

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NOTE 2 – Investments
The following table provides amortized cost, gross unrealized gains, gross unrealized losses and fair value for our fixed-maturity and short-term investments:
(Dollars in millions)Amortized
cost		Gross unrealizedFair value
At September 30, 2026gainslosses
Fixed-maturity:
Corporate $11,191 $27 $676 $10,542 
States, municipalities and political subdivisions4,982 — 507 4,475 
Government-sponsored enterprises 2,948 — 268 2,680 
Asset-backed945 — 47 898 
United States government326 — 15 311 
Foreign government19 — — 19 
Total fixed-maturity20,411 27 1,513 18,925 
Short-term144 — 3 141 
Total fixed-maturity and short-term investments$20,555 $27 $1,516 $19,066 
At December 31, 2025
Fixed-maturity:
Corporate $9,750 $164 $203 $9,711 
States, municipalities and political subdivisions5,065 35 181 4,919 
Government-sponsored enterprises2,360 3 4 2,359 
Asset-backed 793 12 8 797 
United States government312 2 1 313 
Foreign government24 — — 24 
Total fixed-maturity18,304 216 397 18,123 
Short-term148 — — 148 
Total fixed-maturity and short-term investments$18,452 $216 $397 $18,271 
 
The increase in net unrealized investment losses in our fixed-maturity portfolio at September 30, 2026, is primarily due to an increase in U.S. Treasury yields and a slight widening of corporate credit spreads. Our asset-backed securities had an average rating of Aa2/AA at both September 30, 2026 and December 31, 2025.

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The table below provides fair values and gross unrealized losses by investment category and by the duration of the continuous unrealized loss positions:
(Dollars in millions)Less than 12 months12 months or moreTotal
At September 30, 2026Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		Fair
value		Unrealized
losses
Fixed-maturity:
Corporate $6,972 $355 $2,473 $321 $9,445 $676 
States, municipalities and political subdivisions2,436 147 1,852 360 4,288 507 
Government-sponsored enterprises2,397 242 283 26 2,680 268 
Asset-backed642 28 198 19 840 47 
United States government293 14 18 1 311 15 
Foreign government19 — — — 19 — 
Total fixed-maturity12,759 786 4,824 727 17,583 1,513 
Short-term141 3 — — 141 3 
Total fixed-maturity and short-term investments$12,900 $789 $4,824 $727 $17,724 $1,516 
At December 31, 2025
Fixed-maturity:
Corporate $849 $15 $2,926 $188 $3,775 $203 
States, municipalities and political subdivisions204 2 2,346 179 2,550 181 
Government-sponsored enterprises983 3 195 1 1,178 4 
Asset-backed101 2 184 6 285 8 
United States government69 — 20 1 89 1 
Total fixed-maturity$2,206 $22 $5,671 $375 $7,877 $397 

Contractual maturity dates for our fixed-maturity and short-term investments were:
(Dollars in millions)Amortized
cost		Fair
value		% of fair
value
At September 30, 2026
Maturity dates:
Due in one year or less$854 $846 4.4 %
Due after one year through five years3,239 3,175 16.7 
Due after five years through ten years5,606 5,296 27.8 
Due after ten years10,856 9,749 51.1 
Total$20,555 $19,066 100.0 %

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

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The following table provides investment income and investment gains and losses, net:
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
2026202520262025
Investment income:
Interest$252 $227 $731 $651 
Dividends66 69 214 206 
Other 11 4 31 16 
Total329 300 976 873 
Less investment expenses4 5 14 13 
Total$325 $295 $962 $860 
Investment gains and losses, net:
Equity securities:
Investment gains and losses on securities sold, net$5 $(9)$255 $(5)
Unrealized gains and losses on securities still held, net1 855 980 1,259 
Subtotal6 846 1,235 1,254 
Fixed-maturity securities:
Gross realized gains— 2 9 3 
Gross realized losses(3)(1)(5)(1)
Change in allowance for credit losses, net(5)— (7)(15)
Subtotal(8)1 (3)(13)
Other22 6 26 18 
Total$20 $853 $1,258 $1,259 
 
The fair value of our equity portfolio was $13.145 billion and $12.694 billion at September 30, 2026, and December 31, 2025, respectively. Apple Inc. (Nasdaq:AAPL), an equity holding, was our largest single investment holding with fair values of $1.156 billion and $958 million, which was 9.0% and 7.7% of our publicly traded common equities portfolio and 3.6% and 3.1% of the total investment portfolio at September 30, 2026, and December 31, 2025.

The allowance for credit losses on fixed-maturity securities was $59 million and $54 million at September 30, 2026, and December 31, 2025, respectively. Reductions in the allowance for credit losses for securities sold were $1 million and $2 million for the three and nine months ended September 30, 2026. Reductions in the allowance for credit losses for securities sold were $6 million and $7 million for the three and nine months ended September 30, 2025.

There were 5,241 and 2,597 fixed-maturity investments in a total unrealized loss position of $1.516 billion and $397 million at September 30, 2026, and December 31, 2025, respectively. Of those totals, 113 and 13 fixed-maturity securities had fair values below 70% of amortized cost at September 30, 2026, and December 31, 2025, respectively.
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NOTE 3 – Fair Value Measurements
In accordance with accounting guidance for fair value measurements and disclosures, we categorized our financial instruments, based on the priority of the observable and market-based data for the valuation technique used, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices with readily available independent data in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable market inputs (Level 3). When various inputs for measurement fall within different levels of the fair value hierarchy, the lowest observable input that has a significant impact on fair value measurement is used. Our valuation techniques have not changed from those used at December 31, 2025, and ultimately management determines fair value. See our 2025 Annual Report on Form 10-K, Item 8, Note 3, Fair Value Measurements, Page 134, for information on characteristics and valuation techniques used in determining fair value.

Fair Value Disclosures for Assets
The following tables illustrate the fair value hierarchy for those assets measured at fair value on a recurring basis at September 30, 2026, and December 31, 2025. We do not have any liabilities carried at fair value.
(Dollars in millions)Level 1Level 2Level 3Total
At September 30, 2026
Fixed maturities, available for sale:
Corporate $— $10,542 $— $10,542 
States, municipalities and political subdivisions— 4,475 — 4,475 
Government-sponsored enterprises— 2,680 — 2,680 
Asset-backed — 898 — 898 
United States government311 — — 311 
Foreign government— 19 — 19 
Subtotal311 18,614 — 18,925 
Common equities12,844 — — 12,844 
Nonredeemable preferred equities— 301 — 301 
Separate accounts taxable fixed maturities95 815 — 910 
Short-term investments141 — — 141 
Top Hat savings plan mutual funds and common
   equity (included in Other assets)		106 — — 106 
Total$13,497 $19,730 $— $33,227 
At December 31, 2025
Fixed maturities, available for sale:
Corporate $— $9,711 $— $9,711 
States, municipalities and political subdivisions— 4,919 — 4,919 
Government-sponsored enterprises— 2,359 — 2,359 
Asset-backed — 797 — 797 
United States government313 — — 313 
Foreign government— 24 — 24 
Subtotal313 17,810 — 18,123 
Common equities12,373 — — 12,373 
Nonredeemable preferred equities— 321 — 321 
Separate accounts taxable fixed maturities 35 872 — 907 
Short-term investments148 — — 148 
Top Hat savings plan mutual funds and common
  equity (included in Other assets)		102 — — 102 
Total$12,971 $19,003 $— $31,974 
 
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We also held Level 1 cash and cash equivalents of $1.239 billion and $1.431 billion at September 30, 2026, and December 31, 2025, respectively.

Fair Value Disclosures for Assets and Liabilities Not Carried at Fair Value 
The disclosures below are presented to provide information about the effects of current market conditions on financial instruments that are not reported at fair value in our condensed consolidated financial statements.
 
This table summarizes the book value and principal amounts of our long-term debt:
(Dollars in millions)Book valuePrincipal amount
Interest
rate		Year of 
issue		September 30,December 31,September 30,December 31,
2026202520262025
6.900%1998Senior debentures, due 2028$27 $27 $28 $28 
6.920%2005Senior debentures, due 2028391 391 391 391 
6.125%2004Senior notes, due 2034373 372 374 374 
Total$791 $790 $793 $793 
 
The following table shows fair values of our note payable and long-term debt:
(Dollars in millions)Level 1Level 2Level 3Total
At September 30, 2026
Note payable$— $17 $— $17 
6.900% senior debentures, due 2028
— 28 — 28 
6.920% senior debentures, due 2028
— 401 — 401 
6.125% senior notes, due 2034
— 373 — 373 
Total$— $819 $— $819 
At December 31, 2025
Note payable$— $25 $— $25 
6.900% senior debentures, due 2028
— 29 — 29 
6.920% senior debentures, due 2028
— 416 — 416 
6.125% senior notes, due 2034
— 404 — 404 
Total$— $874 $— $874 
 
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The following table shows the fair value of our life policy loans included in other invested assets and the fair values of our deferred annuities and structured settlements included in life policy and investment contract reserves:
(Dollars in millions)Level 1Level 2Level 3Total
At September 30, 2026
Life policy loans$— $— $42 $42 
Deferred annuities$— $— $500 $500 
Structured settlements— 107 — 107 
Total$— $107 $500 $607 
At December 31, 2025
Life policy loans$— $— $43 $43 
Deferred annuities$— $— $530 $530 
Structured settlements— 123 — 123 
Total$— $123 $530 $653 
 
Outstanding principal and interest for these life policy loans totaled $40 million and $38 million at September 30, 2026, and December 31, 2025, respectively.
 
Recorded reserves for the deferred annuities were $534 million and $554 million at September 30, 2026, and December 31, 2025, respectively. Recorded reserves for the structured settlements were $106 million and $111 million at September 30, 2026, and December 31, 2025, respectively.

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NOTE 4 – Property Casualty Loss and Loss Expenses
This table summarizes activity for our consolidated property casualty loss and loss expense reserves:
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
2026202520262025
Gross loss and loss expense reserves, beginning of period$12,406 $11,001 $11,450 $9,937 
Less reinsurance recoverable413 504 438 269 
Net loss and loss expense reserves, beginning of period11,993 10,497 11,012 9,668 
Net incurred loss and loss expenses related to:
Current accident year1,689 1,486 5,287 5,114 
Prior accident years(94)(22)(217)(176)
Total incurred1,595 1,464 5,070 4,938 
Net paid loss and loss expenses related to:
Current accident year729 616 1,575 1,800 
Prior accident years587 601 2,235 2,062 
Total paid1,316 1,217 3,810 3,862 
Net loss and loss expense reserves, end of period12,272 10,744 12,272 10,744 
Plus reinsurance recoverable402 451 402 451 
Gross loss and loss expense reserves, end of period$12,674 $11,195 $12,674 $11,195 
 
We use actuarial methods, models and judgment to estimate, as of a financial statement date, the property casualty loss and loss expense reserves required to pay for and settle all outstanding insured claims, including incurred but not reported (IBNR) claims, as of that date. The actuarial estimate is subject to review and adjustment by an inter-departmental committee that includes actuarial, claims, underwriting, loss prevention and accounting management. This committee is familiar with relevant company and industry business, claims and underwriting trends, as well as general economic and legal trends that could affect future loss and loss expense payments. The amount we will actually have to pay for claims can be highly uncertain. This uncertainty, together with the size of our reserves, makes the loss and loss expense reserves our most significant estimate. The reserve for loss and loss expenses in the condensed consolidated balance sheets also included $76 million and $65 million at September 30, 2026, and 2025, respectively, for certain life and health loss and loss expense reserves.

We experienced $94 million of favorable development on prior accident years, including $46 million of favorable development in commercial lines, $38 million of favorable development in personal lines and $6 million of favorable development in excess and surplus lines for the three months ended September 30, 2026. Within commercial lines, we recognized favorable reserve development of $22 million for the commercial property line and $17 million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. Within personal lines, we recognized favorable reserve development of $33 million for the homeowner line.

We experienced $217 million of favorable development on prior accident years, including $116 million of favorable development in commercial lines, $56 million of favorable development in personal lines and $20 million of favorable development in excess and surplus lines for the nine months ended September 30, 2026. Within commercial lines, we recognized favorable reserve development of $72 million for the commercial property line and $40 million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. Within personal lines, we recognized favorable reserve development of $52 million for the homeowner line.

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We experienced $22 million of favorable development on prior accident years, including $18 million of favorable development in commercial lines, $14 million of unfavorable development in personal lines and $4 million of favorable development in excess and surplus lines for the three months ended September 30, 2025. Within commercial lines, we recognized favorable reserve development of $38 million for the commercial property line and $17 million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. This was partially offset by unfavorable reserve development of $24 million for the commercial casualty line and $10 million for the commercial auto line.

We experienced $176 million of favorable development on prior accident years, including $103 million of favorable development in commercial lines, $24 million of favorable development in personal lines and $18 million of favorable development in excess and surplus lines for the nine months ended September 30, 2025. Within commercial lines, we recognized favorable reserve development of $113 million for the commercial property line and $45 million for the workers' compensation line due to reduced uncertainty of prior accident year loss and loss adjustment expense for these lines. This was partially offset by unfavorable reserve development of $35 million for the commercial auto line and $21 million for the commercial casualty line. Within personal lines, we recognized favorable reserve development of $47 million for the homeowner line.
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NOTE 5 – Life Policy and Investment Contract Reserves
We establish the reserves for traditional life policies including term, whole life and other products based on the present value of future benefits and claim expenses less the present value of future net premiums. Net premium is the portion of gross premium required to provide for all benefits and claim expenses. We estimate future benefits and claim expenses and net premium using certain cash flow assumptions including mortality, morbidity and lapse rates as well as a discount rate assumption. The cash flow assumptions are established based on our current expectations and are reviewed annually, typically in the second quarter, to determine any necessary updates. These assumptions are also updated on an interim basis if evidence suggests that they should be revised. We use both our own experience and industry experience, adjusted for historical trends, in arriving at our cash flow assumptions. The discount rate assumption is based on upper-medium grade fixed-income instrument yields (market value discount rates) and is updated quarterly. Changes in the inputs, judgments and assumptions during the period and the related measurement impact on the liability are reflected in the below tables.
 
We establish reserves for our universal life, deferred annuity and other investment contracts equal to the cumulative account balances, which include premium deposits plus credited interest less charges and withdrawals. Some of our universal life policies contain no-lapse guarantee provisions. For these policies, we establish a reserve in addition to the account balance, based on expected no-lapse guarantee benefits and expected policy assessments.

The following table summarizes our life policy and investment contract reserves and provides a reconciliation of the balances described in the below tables to those in the condensed consolidated balance sheets:
(Dollars in millions)September 30, 2026December 31, 2025
Life policy reserves:
Term$1,035 $1,103 
Whole life389 426 
Other103 100 
Subtotal1,527 1,629 
Investment contract reserves:
Deferred annuities534 554 
Universal life583 589 
Structured settlements106 111 
Other111 109 
Subtotal1,334 1,363 
Total life policy and investment contract reserves$2,861 $2,992 



















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The balances and changes in the term and whole life policy reserves included in life policy and investment contract reserves are as follows:
(Dollars in millions)Three months ended September 30,
20262025
TermWhole lifeTermWhole life
Present value of expected net premiums:
Balance, beginning of period$1,719 $216 $1,678 $220 
Beginning balance at original discount rate1,776 222 1,731 226 
Effect of changes in cash flow assumptions— 1 — — 
Effect of actual variances from expected experience(3)— (11)1 
Adjusted beginning of period balance1,773 223 1,720 227 
Issuances38 5 44 7 
Interest accrual19 2 19 2 
Net premiums collected(47)(8)(45)(8)
Ending balance at original discount rate1,783 222 1,738 228 
Effect of changes in discount rate assumptions(157)(18)(27)(3)
Balance, end of period1,626 204 1,711 225 
Present value of expected future policy benefits:
Balance, beginning of period2,823 641 2,720 634 
Beginning balance at original discount rate2,931 662 2,821 651 
Effect of changes in cash flow assumptions1 1 — (1)
Effect of actual variances from expected experience(4)(1)(16)1 
Adjusted beginning of period balance2,928 662 2,805 651 
Issuances39 5 44 7 
Interest accrual33 8 32 8 
Benefits paid(53)(7)(37)(9)
Ending balance at original discount rate2,947 668 2,844 657 
Effect of changes in discount rate assumptions(297)(75)(52)(3)
Balance, end of period2,650 593 2,792 654 
Net liability for future policy benefits:
Present value of expected future policy benefits less expected net premiums1,024 389 1,081 429 
Impact of flooring at cohort level11 — 18 1 
Net life policy reserves1,035 389 1,099 430 
Less reinsurance recoverable at original discount rate(68)(24)(67)(25)
Less effect of discount rate assumption changes on reinsurance recoverable(2)(1)(8)(4)
Net life policy reserves, after reinsurance recoverable$965 $364 $1,024 $401 
Weighted-average duration of the net life policy reserves in years11141115
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(Dollars in millions)Nine months ended September 30,
20262025
TermWhole lifeTermWhole life
Present value of expected net premiums:
Balance, beginning of period$1,709 $225 $1,638 $218 
Beginning balance at original discount rate1,743 228 1,719 228 
Effect of changes in cash flow assumptions21 (4)(4)— 
Effect of actual variances from expected experience(13)— (14)— 
Adjusted beginning of period balance1,751 224 1,701 228 
Issuances117 13 120 14 
Interest accrual58 7 57 7 
Net premiums collected(143)(22)(140)(21)
Ending balance at original discount rate1,783 222 1,738 228 
Effect of changes in discount rate assumptions(157)(18)(27)(3)
Balance, end of period1,626 204 1,711 225 
Present value of expected future policy benefits:
Balance, beginning of period2,794 650 2,668 623 
Beginning balance at original discount rate2,863 662 2,812 646 
Effect of changes in cash flow assumptions37 (7)(12)(1)
Effect of actual variances from expected experience(20)(1)(22)— 
Adjusted beginning of period balance2,880 654 2,778 645 
Issuances117 13 120 14 
Interest accrual99 25 96 25 
Benefits paid(149)(24)(150)(27)
Ending balance at original discount rate2,947 668 2,844 657 
Effect of changes in discount rate assumptions(297)(75)(52)(3)
Balance, end of period2,650 593 2,792 654 
Net liability for future policy benefits:
Present value of expected future policy benefits less expected net premiums1,024 389 1,081 429 
Impact of flooring at cohort level 11 — 18 1 
Net life policy reserves1,035 389 1,099 430 
Less reinsurance recoverable at original discount rate(68)(24)(67)(25)
Less effect of discount rate assumption changes on reinsurance recoverable(2)(1)(8)(4)
Net life policy reserves, after reinsurance recoverable$965 $364 $1,024 $401 
Weighted-average duration of the net life policy reserves in years11141115

The total impact of flooring at cohort level in the above tables includes the effect of discount rate assumption changes of $1 million and $2 million at September 30, 2026 and 2025, respectively.

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The following table shows the amount of undiscounted and discounted expected future benefit payments and expected gross premiums for our term and whole life policies:
(Dollars in millions)At September 30,
20262025
UndiscountedDiscountedUndiscountedDiscounted
Term
Expected future benefit payments$5,217 $2,650 $4,996 $2,792 
Expected future gross premiums4,806 2,633 4,675 2,764 
Whole life
Expected future benefit payments$1,780 $593 $1,729 $654 
Expected future gross premiums712 401 698 427 

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

(Dollars in millions)Three months ended September 30,Nine months ended September 30,
2026202520262025
Gross premiums
Term$79 $76 $236 $227 
Whole life14 14 42 41 
Total$93 $90 $278 $268 
Interest accretion
Term$14 $13 $41 $39 
Whole life6 6 18 18 
Total$20 $19 $59 $57 

Adverse development that resulted in an immediate charge to income due to net premiums exceeding gross premiums was immaterial for the nine months ended September 30, 2026, and 2025.

The following table shows the weighted-average interest rate for our term and whole life products:
At September 30,
20262025
Term
Interest accretion rate5.30 %5.22 %
Current discount rate6.16 4.78 
Whole life
Interest accretion rate5.84 %5.85 %
Current discount rate6.55 5.51 

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

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The following table shows the balances and changes in policyholders' account balances included in investment contract reserves:
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
2026202520262025
Deferred annuityUniversal lifeDeferred annuityUniversal lifeDeferred annuityUniversal lifeDeferred annuityUniversal life
Balance, beginning of period$540 $447 $575 $454 $554 $451 $595 $456 
Premiums received5 8 7 8 19 26 19 27 
Policy charges— (10)— (10)— (30)— (30)
Surrenders and withdrawals(13)(2)(15)(3)(43)(11)(50)(9)
Benefit payments(3)(2)(7)(1)(11)(5)(15)(6)
Interest credited5 5 5 5 15 15 16 15 
Balance, end of period$534 $446 $565 $453 $534 $446 $565 $453 
Weighted average crediting rate3.94 %4.45 %3.71 %4.43 %3.94 %4.45 %3.71 %4.43 %
Net amount at risk$— $3,582 $— $3,719 $— $3,582 $— $3,719 
Cash surrender value527 422 559 426 527 422 559 426 

The net amount at risk above represents the guaranteed benefit amount in excess of the current account balances.

The following table shows the balance of account values by range of guaranteed minimum crediting rates, in basis points, and the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums for our deferred annuity and universal life contracts:
(Dollars in millions)At guaranteed minimum1 to 50 basis points above51-150 basis points aboveGreater than 150 basis pointsTotal
At September 30, 2026
Deferred annuity
1.00-3.00%$184 $13 $48 $246 $491 
3.01-4.00%43 — — — 43 
Total$227 $13 $48 $246 $534 
Universal life
1.00-3.00%$— $— $108 $20 $128 
3.01-4.00%52 — 5 — 57 
Greater than 4.00%261 — — — 261 
Total$313 $— $113 $20 $446 
At September 30, 2025
Deferred annuity
1.00-3.00%$63 $205 $14 $237 $519 
3.01-4.00%46 — — — 46 
Total$109 $205 $14 $237 $565 
Universal life
1.00-3.00%$— $54 $57 $15 $126 
3.01-4.00%51 — 4 — 55 
Greater than 4.00%272 — — — 272 
Total$323 $54 $61 $15 $453 

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The following table shows the balances and changes in the other additional liability related to the no-lapse guarantees contained within our universal life contracts:
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
2026202520262025
Balance, beginning of period$139 $132 $138 $130 
Balance, beginning of period before shadow reserve adjustments140 133 138 131 
Effect of changes in cash flow assumptions— (1)(5)(1)
Effect of actual variances from expected experience— 1 1 3 
Adjusted beginning of period balance140 133 134 133 
Interest accrual1 1 4 3 
Excess death benefits(2)(2)(6)(11)
Attributed assessments3 3 9 9 
Effect of changes in interest rate assumptions(4)1 (3)2 
Balance, end of period before shadow reserve adjustments138 136 138 136 
Shadow reserve adjustments(1)(1)(1)(1)
Balance, end of period137 135 137 135 
Less reinsurance recoverable, end of period7 6 7 6 
Net other additional liability, after reinsurance recoverable$144 $141 $144 $141 
Weighted-average duration of the other additional liability in years24262426

The following table shows balances and changes in separate accounts liability balances during the period:
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
2026202520262025
Balance, beginning of period$996 $991 $981 $952 
Interest credited before policy charges12 12 36 34 
Benefit payments(7)(1)(14)(9)
Other3 (31)1 (6)
Balance, end of period$1,004 $971 $1,004 $971 
Cash surrender value$992 $969 $992 $969 
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NOTE 6 – Deferred Policy Acquisition Costs
Expenses directly related to successfully acquired insurance policies – primarily commissions, premium taxes and underwriting costs – are deferred and amortized over the terms of the policies. We update our acquisition cost assumptions periodically to reflect actual experience. For property casualty, we evaluate the costs for recoverability. No premium deficiencies were recorded in the condensed consolidated statements of income, as the sum of the anticipated loss and loss expenses, policyholder dividends and unamortized deferred acquisition expenses did not exceed the related unearned premiums and anticipated investment income.

The table below shows the deferred policy acquisition costs and asset reconciliation.
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
2026202520262025
Property casualty:
Deferred policy acquisition costs asset, beginning of period$1,065 $1,005 $974 $886 
Capitalized deferred policy acquisition costs470 458 1,516 1,456 
Amortized deferred policy acquisition costs(493)(469)(1,448)(1,348)
Deferred policy acquisition costs asset, end of period$1,042 $994 $1,042 $994 
Life:
Deferred policy acquisition costs asset, beginning of period$377 $362 $370 $356 
Capitalized deferred policy acquisition costs11 11 34 33 
Amortized deferred policy acquisition costs(8)(7)(24)(23)
Deferred policy acquisition costs asset, end of period$380 $366 $380 $366 
Consolidated:
Deferred policy acquisition costs asset, beginning of period$1,442 $1,367 $1,344 $1,242 
Capitalized deferred policy acquisition costs481 469 1,550 1,489 
Amortized deferred policy acquisition costs(501)(476)(1,472)(1,371)
Deferred policy acquisition costs asset, end of period$1,422 $1,360 $1,422 $1,360 

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The table below shows the life deferred policy acquisition costs asset by product:
(Dollars in millions)
Three months ended September 30, 2026TermWhole lifeDeferred annuityUniversal lifeTotal
Balance, beginning of period$264 $56 $8 $49 $377 
Capitalized deferred policy acquisition costs9 1 — 1 11 
Amortized deferred policy acquisition costs(7)— — (1)(8)
Balance, end of period$266 $57 $8 $49 $380 
Three months ended September 30, 2025
Balance, beginning of period$251 $53 $7 $51 $362 
Capitalized deferred policy acquisition costs9 1 1 — 11 
Amortized deferred policy acquisition costs(6)— — (1)(7)
Balance, end of period$254 $54 $8 $50 $366 
(Dollars in millions)
Nine months ended September 30, 2026TermWhole lifeDeferred annuityUniversal lifeTotal
Balance, beginning of period$257 $55 $8 $50 $370 
Capitalized deferred policy acquisition costs28 4 1 1 34 
Amortized deferred policy acquisition costs(19)(2)(1)(2)(24)
Balance, end of period$266 $57 $8 $49 $380 
Nine months ended September 30, 2025
Balance, beginning of period$245 $52 $8 $51 $356 
Capitalized deferred policy acquisition costs27 4 1 1 33 
Amortized deferred policy acquisition costs(18)(2)(1)(2)(23)
Balance, end of period$254 $54 $8 $50 $366 

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NOTE 7 – Accumulated Other Comprehensive Income
Accumulated other comprehensive income (AOCI) includes changes in unrealized gains and losses on investments, changes in pension obligations and changes in life policy reserves, reinsurance recoverable and other as follows:
(Dollars in millions)Three months ended September 30,
20262025
Before taxIncome taxNetBefore taxIncome taxNet
Investments:
AOCI, beginning of period$(327)$(70)$(257)$(458)$(99)$(359)
OCI before investment gains and losses, net, recognized in net income(1,170)(251)(919)242 51 191 
Investment gains and losses, net, recognized in net income8 2 6 (1)— (1)
OCI(1,162)(249)(913)241 51 190 
AOCI, end of period$(1,489)$(319)$(1,170)$(217)$(48)$(169)
Pension obligations:
AOCI, beginning of period$83 $19 $64 $73 $17 $56 
OCI excluding amortization recognized in net income— — — — — — 
Amortization recognized in net income(1)— (1)— — — 
OCI(1)— (1)— — — 
AOCI, end of period$82 $19 $63 $73 $17 $56 
Life policy reserves, reinsurance recoverable and other:
AOCI, beginning of period$72 $14 $58 $69 $15 $54 
OCI before investment gains and losses, net, recognized in net income125 27 98 (32)(7)(25)
Investment gains and losses, net, recognized in net income— — — — — — 
OCI125 27 98 (32)(7)(25)
AOCI, end of period$197 $41 $156 $37 $8 $29 
Summary of AOCI:
AOCI, beginning of period$(172)$(37)$(135)$(316)$(67)$(249)
Investments OCI(1,162)(249)(913)241 51 190 
Pension obligations OCI(1)— (1)— — — 
Life policy reserves, reinsurance recoverable and other OCI125 27 98 (32)(7)(25)
Total OCI(1,038)(222)(816)209 44 165 
AOCI, end of period$(1,210)$(259)$(951)$(107)$(23)$(84)
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(Dollars in millions)Nine months ended September 30,
20262025
Before taxIncome taxNetBefore taxIncome taxNet
Investments:
AOCI, beginning of period$(181)$(40)$(141)$(553)$(119)$(434)
OCI before investment gains and losses, net, recognized in net income(1,311)(280)(1,031)323 68 255 
Investment gains and losses, net, recognized in net income3 1 2 13 3 10 
OCI(1,308)(279)(1,029)336 71 265 
AOCI, end of period$(1,489)$(319)$(1,170)$(217)$(48)$(169)
Pension obligations:
AOCI, beginning of period$85 $19 $66 $75 $17 $58 
OCI excluding amortization recognized in net income— — — — — — 
Amortization recognized in net income(3)— (3)(2)— (2)
OCI(3)— (3)(2)— (2)
AOCI, end of period$82 $19 $63 $73 $17 $56 
Life policy reserves, reinsurance recoverable and other:
AOCI, beginning of period$52 $11 $41 $85 $18 $67 
OCI before investment gains and losses, net, recognized in net income145 30 115 (48)(10)(38)
Investment gains and losses, net, recognized in net income— — — — — — 
OCI145 30 115 (48)(10)(38)
AOCI, end of period$197 $41 $156 $37 $8 $29 
Summary of AOCI:
AOCI, beginning of period$(44)$(10)$(34)$(393)$(84)$(309)
Investments OCI(1,308)(279)(1,029)336 71 265 
Pension obligations OCI(3)— (3)(2)— (2)
Life policy reserves, reinsurance recoverable and other OCI145 30 115 (48)(10)(38)
Total OCI(1,166)(249)(917)286 61 225 
AOCI, end of period$(1,210)$(259)$(951)$(107)$(23)$(84)

Investment gains and losses, net, and other investment gains and losses, net, are recorded in the investment gains and losses, net, line item in the condensed consolidated statements of income. Amortization of pension obligations is recorded in the insurance losses and contract holders' benefits and underwriting, acquisition and insurance expenses line items in the condensed consolidated statements of income.
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NOTE 8 – Reinsurance
Primary components of our property casualty reinsurance assumed operations include involuntary and voluntary assumed as well as contracts from our reinsurance assumed operations, known as Cincinnati Re. Primary components of our ceded reinsurance include a property per risk treaty, property excess treaty, casualty per occurrence treaty, casualty excess treaty, property catastrophe treaties and catastrophe bonds and retrocessions on our reinsurance assumed operations. Management’s decisions about the appropriate level of risk retention are affected by various factors, including changes in our underwriting practices, capacity to retain risks and reinsurance market conditions.

The table below summarizes our consolidated property casualty insurance net written premiums, earned premiums and incurred loss and loss expenses:
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
2026202520262025
Direct written premiums$2,509 $2,482 $7,755 $7,542 
Assumed written premiums127 98 624 597 
Ceded written premiums(86)(87)(336)(418)
Net written premiums$2,550 $2,493 $8,043 $7,721 
Direct earned premiums$2,546 $2,440 $7,473 $7,020 
Assumed earned premiums171 162 508 514 
Ceded earned premiums(112)(118)(309)(389)
Earned premiums$2,605 $2,484 $7,672 $7,145 
Direct incurred loss and loss expenses$1,513 $1,408 $4,867 $5,065 
Assumed incurred loss and loss expenses108 78 273 405 
Ceded incurred loss and loss expenses(26)(22)(70)(532)
Incurred loss and loss expenses$1,595 $1,464 $5,070 $4,938 

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Our life insurance company purchases reinsurance for protection of a portion of the risks that are written. Primary components of our life reinsurance program include individual mortality coverage and accidental death coverage in excess of certain deductibles.

The table below summarizes our consolidated life insurance earned premiums and contract holders' benefits incurred:
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
2026202520262025
Direct earned premiums$106 $104 $318 $307 
Ceded earned premiums(21)(21)(61)(61)
Earned premiums$85 $83 $257 $246 
Direct contract holders' benefits incurred$97 $91 $292 $289 
Ceded contract holders' benefits incurred(17)(15)(49)(59)
Contract holders' benefits incurred$80 $76 $243 $230 
 
The ceded benefits incurred can vary depending on the type of life insurance policy held and the year the policy was issued.

The allowance for uncollectible property casualty premiums receivable was $18 million at both September 30, 2026, and December 31, 2025. The allowances for credit losses on other premiums receivable and reinsurance recoverable assets were immaterial at September 30, 2026, and December 31, 2025.
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NOTE 9 – Income Taxes
The differences between the 21% statutory federal income tax rate and our effective income tax rate were as follows:
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
2026202520262025
Tax at statutory rate:$117 21.0 %$296 21.0 %$516 21.0 %$449 21.0 %
Increase (decrease) resulting from:
Nontaxable or nondeductible items
Tax-exempt income from municipal bonds(6)(1.1)(6)(0.4)(18)(0.7)(17)(0.8)
Dividend received exclusion(5)(0.9)(5)(0.4)(17)(0.7)(16)(0.7)
Other nontaxable or nondeductible items2 0.4 2 0.1 1 0.0 4 0.2 
Other(14)(2.4)4 0.3 (15)(0.6)3 0.1 
Provision for income taxes$94 17.0 %$291 20.6 %$467 19.0 %$423 19.8 %
 
The provision for federal income taxes is based upon filing a consolidated income tax return for the company and its domestic subsidiaries.

We continue to believe that after considering all positive and negative evidence of taxable income in the carryback and carryforward periods as permitted by law, it is more likely than not that all of the deferred tax assets on our U.S. domestic operations and those related to Cincinnati Global Underwriting Ltd.SM (Cincinnati Global) will be realized. As a result, we have no valuation allowance for our U.S. domestic operations or Cincinnati Global at both September 30, 2026, and December 31, 2025.

Cincinnati Global
Cincinnati Global had no operating loss carryforwards in the United States and $12 million and $50 million in the United Kingdom at September 30, 2026, and December 31, 2025, respectively. These Cincinnati Global losses can only be utilized within the Cincinnati Global group.

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NOTE 10 – Net Income Per Common Share
Basic earnings per share are computed based on the weighted average number of common shares outstanding. Diluted earnings per share are computed based on the weighted average number of common and dilutive potential common shares outstanding using the treasury stock method. The table shows calculations for basic and diluted earnings per share:
(In millions, except per share data)Three months ended September 30,Nine months ended September 30,
2026202520262025
Numerator:
Net income—basic and diluted
$459 $1,122 $1,988 $1,717 
Denominator:
Basic weighted-average common shares outstanding153.5 156.1 154.3 156.3 
Effect of share-based awards:
Stock options1.1 1.1 1.1 1.0 
Nonvested shares0.5 0.6 0.5 0.5 
Diluted weighted-average shares 155.1 157.8 155.9 157.8 
Earnings per share:
Basic$2.99 $7.19 $12.88 $10.99 
Diluted$2.96 $7.11 $12.75 $10.88 
Number of anti-dilutive share-based awards0.2 0.3 0.3 0.4 

The source of dilution of our common shares are certain equity-based awards. See our 2025 Annual Report on Form 10-K, Item 8, Note 17, Share-Based Associate Compensation Plans, Page 169, for information about share-based awards. The above table shows the number of anti-dilutive share-based awards for the three and nine months ended September 30, 2026 and 2025.

NOTE 11 – Employee Retirement Benefits
The following summarizes the components of net periodic benefit for our qualified and supplemental pension plans:
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
2026202520262025
Service cost$1 $2 $3 $4 
Non-service (benefit) costs:
Interest cost3 3 10 10 
Expected return on plan assets(5)(6)(17)(17)
Amortization of actuarial gain and prior service cost(1)— (3)(2)
 Total non-service benefit (3)(3)(10)(9)
Net periodic benefit$(2)$(1)$(7)$(5)

See our 2025 Annual Report on Form 10-K, Item 8, Note 13, Employee Retirement Benefits, Page 163, for information on our retirement benefits. The net periodic benefit is allocated in the same proportion primarily to the underwriting, acquisition and insurance expenses line item with the remainder allocated to the insurance losses and contract holders' benefits line item on the condensed consolidated statements of income for both 2026 and 2025.

We made matching contributions totaling $7 million to our 401(k) and Top Hat savings plans during the third quarter of both 2026 and 2025 and contributions of $24 million and $26 million for the first nine months of 2026 and 2025, respectively.

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

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NOTE 12 – Commitments and Contingent Liabilities
The company, through its insurance subsidiaries, is involved in claims litigation arising in the ordinary course of conducting its business, both as a liability insurer defending third-party claims brought against insureds and as an insurer defending against coverage claims. The company accounts for such activity through the establishment of unpaid loss and loss expense reserves. Subject to the uncertainties discussed in Note 4, Property Casualty Loss and Loss Expenses, and in the discussion in the balance of this Note, we believe that the ultimate liability, if any, with respect to such ordinary-course claims litigation, after consideration of provisions made for potential losses, costs of defense, and reinsurance recoveries, is immaterial to our consolidated financial position, results of operations and cash flows.

The company and its subsidiaries also are occasionally involved in other legal and regulatory proceedings, some of which assert claims for substantial amounts. These actions include, among others, putative class actions seeking certification of state or national classes. The company’s insurance subsidiaries also are occasionally parties to individual actions in which extra-contractual damages, punitive damages or penalties are sought, such as claims alleging bad faith handling of insurance claims or writing unauthorized coverage or claims alleging discrimination by former or current associates.

On a quarterly basis, we review these outstanding matters. Under current accounting guidance, we establish accruals when it is probable that a covered loss has been incurred and we can reasonably estimate its potential exposure. The company accounts for such probable and estimable losses, if any, through the establishment of legal expense reserves. Based on our quarterly review, we believe that our accruals for probable and estimable losses are reasonable and that the amounts accrued do not have a material effect on our consolidated financial position, results of operations and cash flows. However, if any one or more of these matters results in a judgment against us or settlement for an amount that is significantly greater than the amount accrued, the resulting liability could have a material effect on the company’s consolidated financial position, results of operations and cash flows. Based on our most recent review, our estimate for any other matters for which the risk of loss is not probable, but more than remote, is immaterial.

NOTE 13 – Segment Information
We operate primarily in two industries, property casualty insurance and life insurance. Our chief operating decision maker (CODM) is the chief executive officer who regularly reviews our reporting segments to make decisions about allocating resources and assessing performance. Our five reporting segments are:
•Commercial lines insurance
•Personal lines insurance
•Excess and surplus lines insurance
•Life insurance
•Investments

We report as Other the noninvestment operations of the parent company and its noninsurer subsidiary, CFC Investment Company. We also report as Other the underwriting results of Cincinnati Re and Cincinnati Global. See our 2025 Annual Report on Form 10-K, Item 8, Note 18, Segment Information, Page 172, for a description of revenue, income or loss before income taxes, including its components, and identifiable assets for each of the five segments.

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Segment information is summarized in the following table: 
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
2026202520262025
Commercial lines insurance
Commercial lines insurance premiums$1,270 $1,229 $3,762 $3,620 
Fee revenues2 2 4 4 
Total commercial lines insurance revenues1,272 1,231 3,766 3,624 
Loss and loss expenses782 747 2,539 2,249 
Underwriting expenses398 373 1,166 1,080 
Total commercial lines income before income taxes92 111 61 295 
Personal lines insurance
Personal lines insurance premiums888 838 2,641 2,340 
Fee revenues1 1 4 4 
Total personal lines insurance revenues889 839 2,645 2,344 
Loss and loss expenses564 507 1,809 1,951 
Underwriting expenses237 233 717 665 
Total personal lines income (loss) before income taxes88 99 119 (272)
Excess and surplus lines insurance
Excess and surplus lines insurance premiums187 174 556 510 
Fee revenues1 1 3 3 
Total excess and surplus lines insurance revenues188 175 559 513 
Loss and loss expenses114 108 342 317 
Underwriting expenses53 48 156 141 
Total excess and surplus lines income before income taxes21 19 61 55 
Life insurance
Life insurance premiums85 83 257 246 
Fee revenues2 1 5 4 
Total life insurance revenues87 84 262 250 
Contract holders' benefits incurred8076 243 230 
Investment interest credited to contract holders(32)(32)(97)(95)
Underwriting expenses incurred2523 73 70 
Total life insurance income before income taxes14 17 43 45 
Investments
    Investment income, net of expenses325 295 962 860 
    Investment gains and losses, net20 853 1,258 1,259 
Total investment revenue345 1,148 2,220 2,119 
Investment interest credited to contract holders32 32 97 95 
Total investment income before income taxes313 1,116 2,123 2,024 
Reconciliation to condensed consolidated income before
income taxes
Total segment revenues2,781 3,477 9,452 8,850 
Other earned premiums260 243 713 675 
Other revenues6 6 19 15 
Total revenues3,047 3,726 10,184 9,540 
Total segment benefits and expenses2,253 2,115 7,045 6,703 
Other loss and loss expenses135 102 380 421 
Other underwriting expenses86 77 237 209 
Other benefits and expenses20 19 67 67 
Total benefits and expenses2,494 2,313 7,729 7,400 
Total income before income taxes$553 $1,413 $2,455 $2,140 

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Identifiable assets by segment are summarized in the following table:
(Dollars in millions)September 30,December 31,
20262025
Identifiable assets:
Property casualty insurance$6,877 $6,916 
Life insurance1,810 1,695 
Investments32,472 31,199 
Other1,452 1,192 
Total$42,611 $41,002 

Item 2.    Management’s Discussion and Analysis of Financial Condition and
        Results of Operations
The following discussion highlights significant factors influencing the condensed consolidated results of operations and financial position of Cincinnati Financial Corporation. It should be read in conjunction with the consolidated financial statements and related notes included in our 2025 Annual Report on Form 10-K. Unless otherwise noted, the industry data is prepared by A.M. Best Co., a leading insurance industry statistical, analytical and financial strength rating organization. Information from A.M. Best is presented on a statutory basis for insurance company regulation in the United States of America. When we provide our results on a comparable statutory basis, we label it as such; all other company data is presented in accordance with accounting principles generally accepted in the United States of America (GAAP).
 
We present per share data on a diluted basis unless otherwise noted, adjusting those amounts for all stock splits and dividends. Dollar amounts are rounded to millions; calculations of percent changes are based on dollar amounts rounded to the nearest million. Certain percentage changes are identified as not meaningful (nm).
 
SAFE HARBOR STATEMENT    
Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by forward-looking statements. Any forward-looking statements contained herein, are based upon our current estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words like “seek,” “expect,” “will,” “should,” “could,” “might,” “anticipate,” “believe,” “estimate,” “intend,” “likely,” “future,” or other similar expressions. Forward-looking statements speak only as of the date they were made; we assume no obligation to update such statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements include, but are not limited to:

Insurance-Related Risks
•Risks and uncertainties associated with our loss reserves or actual claim costs exceeding reserves
•Increased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuance
•Unusually high levels of catastrophe losses due to risk concentrations or changes in weather patterns, environmental events, war or political unrest, terrorism incidents, cyberattacks, civil unrest or other causes; and our ability to manage catastrophe risk
•Risks associated with analytical models in key areas such as underwriting, pricing, capital management, reserving, investments, reinsurance, and catastrophe risk management
•Inadequate estimates or assumptions, or reliance on third-party data used for critical accounting estimates
•Events or conditions that could weaken or harm our relationships with our independent agencies and hamper opportunities to add new agencies, resulting in limitations on our opportunities for growth
•Mergers, acquisitions, and other consolidations of agencies that result in a concentration of a significant amount of premium in one agency or agency group and/or alter our competitive advantages
•Our inability to manage business opportunities, growth prospects, and expenses for our ongoing operations
•Changing consumer insurance-buying habits
•The inability to obtain adequate ceded reinsurance on acceptable terms, for acceptable amounts, and from financially strong reinsurers; and the potential for nonpayment or delay in payment by reinsurers
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•Domestic and global events, such as the wars in Ukraine and in the Middle East, future pandemics, inflationary trends, changes in U.S. trade and tariff policy, and disruptions in the banking and financial services industry, resulting in insurance losses, capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to:
◦Securities market disruption or volatility and related effects such as decreased economic activity and continued supply chain disruptions that affect our investment portfolio and book value
◦Significant or prolonged decline in the fair value of securities and impairment of the assets
◦Significant decline in investment income due to reduced or eliminated dividend payouts from securities
◦Significant rise in losses from surety or director and officer policies written for financial institutions or other insured entities or in losses from policies written by Cincinnati Re or Cincinnati Global
◦An unusually high level of claims in our insurance or reinsurance operations that increase litigation-related expenses
◦Decreased premium revenue and cash flow from disruption to our distribution channel of independent agents, consumer self-isolation, travel limitations, business restrictions and decreased economic activity
◦The inability of our workforce, agencies, or vendors to perform necessary business functions

Financial, Economic, and Investment Risks
•Declines in overall stock market values negatively affecting our equity portfolio and book value
•Downgrades in our financial strength ratings
•Interest rate fluctuations or other factors that could significantly affect:
◦Our ability to generate growth in investment income
◦Values of our fixed-maturity investments and accounts in which we hold bank-owned life insurance contract assets
◦Our traditional life policy reserves
•Economic volatility and illiquidity associated with our alternative investments in private equity, private credit, real property, and limited partnerships
•Failure to comply with covenants and other requirements under our credit facilities, senior debt, and other debt obligations
•Recession, prolonged elevated inflation, or other economic conditions resulting in lower demand for insurance products or increased payment delinquencies
•The inability of our subsidiaries to pay dividends consistent with current or past levels impacting our ability to pay shareholder dividends or repurchase shares

General Business, Technology, and Operational Risks
•Ineffective information technology systems or failing to develop and implement improvements in technology
•Difficulties with technology or data security breaches, including cyberattacks, could negatively affect our, or our agents’, ability to conduct business; disrupt our relationships with agents, policyholders, and others; cause reputational damage, mitigation expenses, data loss, and expose us to liability
•Difficulties with our operations and technology that may negatively impact our ability to conduct business, including cloud-based data information storage, data security, remote working capabilities, and/or outsourcing relationships and third-party operations and data security
•Disruption of the insurance market caused by technology innovations - such as driverless cars - that could decrease consumer demand for insurance products
•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
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•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
•Inability to defer policy acquisition costs for any business segment if pricing and loss trends would lead management to conclude that the segment could not achieve sustainable profitability
•Unforeseen departure of certain executive officers or other key employees that could interrupt progress toward important strategic goals or diminish the effectiveness of certain longstanding relationships with insurance agents and others
•Our inability, or the inability of our independent agents, to attract and retain personnel
•Events, such as a pandemic, an epidemic, natural catastrophe, or terrorism, which could hamper our ability to assemble our workforce, work effectively in a remote environment, or other failures of business continuity or disaster recovery programs

Regulatory, Compliance, and Legal Risks
•Actions of insurance departments, state attorneys general or other regulatory agencies, including a change to a federal system of regulation from a state-based system, that:
◦Impose new obligations on us that increase our expenses or change the assumptions underlying our critical accounting estimates
◦Place the insurance industry under greater regulatory scrutiny or result in new statutes, rules, and regulations
◦Restrict our ability to exit or reduce writings of unprofitable coverages or lines of business
◦Increase assessments for guaranty funds, other insurance‑related assessments, or mandatory reinsurance arrangements; or that impair our ability to recover such assessments through future surcharges or other rate changes
◦Increase our provision for federal income taxes due to changes in tax laws, regulations, or interpretations
◦Increase other expenses
◦Limit our ability to set fair, adequate, and reasonable rates
◦Restrict our ability to cancel policies
◦Impose new underwriting standards
◦Place us at a disadvantage in the marketplace
◦Restrict our ability to execute our business model, including the way we compensate agents
•Adverse outcomes from litigation, environmental claims, mass torts or administrative proceedings, including effects of social inflation and third-party litigation funding on the size and frequency of litigation awards
•Events or actions, including unauthorized intentional circumvention of controls, which reduce our future ability to maintain effective internal control over financial reporting under the Sarbanes-Oxley Act of 2002
•Effects of changing social, global, economic, and regulatory environments
•Additional measures affecting corporate financial reporting and governance that can affect the market value of our common stock

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.
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CORPORATE FINANCIAL HIGHLIGHTS
Net Income and Comprehensive Income Data
(Dollars in millions, except per share data)Three months ended September 30,Nine months ended September 30,
20262025% Change20262025% Change
Earned premiums$2,690 $2,567 5 $7,929 $7,391 7 
Investment income, net of expenses (pretax)325 295 10 962 860 12 
Investment gains and losses, net (pretax)20 853 (98)1,258 1,259 0 
Total revenues3,047 3,726 (18)10,184 9,540 7 
Net income459 1,122 (59)1,988 1,717 16 
Comprehensive income (loss)(357)1,287 nm1,071 1,942 (45)
Net income per share—diluted2.96 7.11 (58)12.75 10.88 17 
Cash dividends declared per share0.94 0.87 8 2.82 2.61 8 
Diluted weighted average shares outstanding155.1 157.8 (2)155.9 157.8 (1)

Total revenues decreased $679 million for the third quarter of 2026, compared with the third quarter of 2025, including lower net investment gains partially offset by higher earned premiums and investment income. For the first nine months of 2026, compared with the same period of 2025, total revenues increased $644 million, including higher earned premiums and investment income. Premium and investment revenue trends are discussed further in the respective sections of Financial Results.

Investment gains and losses are recognized on the sales of investments, on certain changes in fair values of securities even though we continue to hold the securities or as otherwise required by GAAP. We have substantial discretion in the timing of investment sales, and that timing generally is independent of the insurance underwriting process. The change in fair value of securities is also generally independent of the insurance underwriting process.

Net income for the third quarter of 2026, compared with the third quarter of 2025, decreased $663 million, including decreases of $657 million in after-tax investment gains and losses and $41 million in after-tax property casualty underwriting profit partially offset by an increase of $24 million in after-tax investment income. Catastrophe losses for the third quarter of 2026, mostly weather related, were $146 million higher after taxes and contributed unfavorably to both net income and property casualty underwriting profit. Life insurance segment results decreased by $3 million on a pretax basis.

For the first nine months of 2026, net income increased $271 million, compared with the first nine months of 2025,
including increases of $169 million in after-tax property casualty underwriting profit and $83 million in after-tax investment income partially offset by a decrease of $3 million in after-tax investment gains and losses. The property casualty underwriting profit increase included a favorable $26 million after-tax effect from lower catastrophe losses. Life insurance segment results decreased by $2 million on a pretax basis.

Performance by segment is discussed below in Financial Results. As discussed in our 2025 Annual Report on Form 10-K, Item 7, Executive Summary, Page 46, there are several reasons why our performance during 2026 may ultimately be below our long-term targets.
 
The board of directors is committed to rewarding shareholders directly through cash dividends and through share repurchase authorizations. Through 2025, the company had increased the annual cash dividend rate for 65 consecutive years, a record we believe is matched by only seven other U.S. publicly traded companies. In January 2026, the board of directors increased the regular quarterly dividend to 94 cents per share, setting the stage for our 66th consecutive year of increasing cash dividends. During the first nine 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.

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Balance Sheet Data and Performance Measures
(Dollars in millions, except share data)At September 30,At December 31,
20262025
Total investments$33,139 $31,783 
Total assets42,611 41,002 
Short-term debt17 25 
Long-term debt791 790 
Shareholders' equity16,182 15,911 
Book value per share105.42 102.35 
Debt-to-total-capital ratio4.8 %4.9 %
Total assets at September 30, 2026, increased 4% 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 partially offset by lower fair values in our fixed maturities portfolio. Shareholders' equity increased 2% and book value per share increased 3% during the first nine months of 2026. 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. As shown in the tables below, that ratio was 5.8% for the first nine months of 2026, compared with 13.8% for the same period in 2025. The decrease was primarily due to a decrease in overall net gains from our investment portfolio partially offset by an increase in net income before investment gains. Book value per share increased $3.07 during the first nine months of 2026 and contributed 3.0 percentage points to the value creation ratio, while dividends declared at $2.82 per share contributed 2.8 points. Value creation ratio major contributors and in total, along with calculations from per-share amounts, are shown in the tables below.
Three months ended September 30,Nine months ended September 30,
2026202520262025
Value creation ratio major contributors:
Net income before investment gains2.7 %3.1 %6.4 %5.2 %
Change in fixed-maturity securities, realized and unrealized gains(5.5)1.3 (6.6)1.8 
Change in equity securities, investment gains0.0 4.7 6.2 7.1 
Other0.7 (0.2)(0.2)(0.3)
     Value creation ratio(2.1)%8.9 %5.8 %13.8 %
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(Dollars are per share)Three months ended September 30,Nine months ended September 30,
2026202520262025
Value creation ratio:
End of period book value*$105.42 $98.76 $105.42 $98.76 
Less beginning of period book value 108.64 91.46 102.35 89.11 
Change in book value (3.22)7.30 3.07 9.65 
Dividend declared to shareholders0.94 0.87 2.82 2.61 
Total value creation $(2.28)$8.17 $5.89 $12.26 
Value creation ratio from change in book value**(3.0)%8.0 %3.0 %10.9 %
Value creation ratio from dividends declared to shareholders***0.9 0.9 2.8 2.9 
Value creation ratio(2.1)%8.9 %5.8 %13.8 %
    * Book value per share is calculated by dividing end of period total shareholders' equity by end of period shares outstanding
  ** Change in book value divided by the beginning of period book value
*** Dividend declared to shareholders divided by beginning of period book value

DRIVERS OF LONG-TERM VALUE CREATION
Operating through The Cincinnati Insurance Company, Cincinnati Financial Corporation is one of the 25 largest property casualty insurers in the nation, based on 2025 net written premiums for more than 2,000 U.S. stock and mutual insurance companies. We market our insurance products through a select group of independent insurance agencies as discussed in our 2025 Annual Report on Form 10-K, Item 1, Our Business and Our Strategy, Page 6. At September 30, 2026, we actively marketed through 2,435 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.

To measure our long-term progress in creating shareholder value, our value creation ratio is our primary financial performance target. As discussed in our 2025 Annual Report on Form 10-K, Item 7, Executive Summary, Page 46, management believes this measure is a meaningful indicator of our long-term progress in creating shareholder value and has three primary performance drivers:

•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. For the first nine months of 2026, our consolidated property casualty net written premium year-over-year growth was 4%, comparing favorably with the industry's 2% growth rate reported by A.M. Best for the first six months of 2026. For the five-year period 2021 through 2025, our growth rate exceeded that of the industry. The industry's growth rate excludes its mortgage and financial guaranty lines of business.
•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%. For the first nine months of 2026, our GAAP combined ratio was 95.8%, including 12.2 percentage points of current accident year catastrophe losses partially offset by 2.9 percentage points of favorable loss reserve development on prior accident years. Our statutory combined ratio was 95.3% for the first nine months of 2026, comparing unfavorably with the industry's 92.5% reported by A.M. Best for the first six months of 2026. The industry's ratio again excludes its mortgage and financial guaranty lines of business.
•Investment contribution – We believe our investment philosophy and initiatives can drive investment income growth and lead to a total return on our equity investment portfolio over a five-year period that exceeds the five-year return of the Standard & Poor's 500 Index. For the first nine months of 2026, pretax investment income was $962 million, up 12% 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.

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Financial Strength
An important part of our long-term strategy is financial strength, which is described in our 2025 Annual Report on Form 10-K, Item 1, Our Business and Our Strategy, Financial Strength, Page 8. One aspect of our financial strength is prudent use of reinsurance ceded to help manage financial performance variability due to catastrophe loss experience. A description of how we use reinsurance ceded is included in our 2025 Annual Report on Form 10-K, Item 7, Liquidity and Capital Resources, 2026 Reinsurance Ceded Programs, Page 102. Another aspect of our financial strength is our investment portfolio, which remains well-diversified as discussed in this quarterly report in Item 3, Quantitative and Qualitative Disclosures About Market Risk. 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.

At September 30, 2026, we held $6.077 billion of our cash and cash equivalents and invested assets at the parent-company level, of which $5.324 billion, or 87.6%, was invested in common stocks, and $277 million, or 4.6%, was cash or cash equivalents. Our debt-to-total-capital ratio was 4.8% at September 30, 2026. Another important indicator of financial strength is our ratio of property casualty net written premiums to statutory surplus, which was 0.9-to-1 for the 12 months ended September 30, 2026, compared with 1.0-to-1 at year-end 2025.

Financial strength ratings assigned to us by independent rating firms also are important. In addition to rating our parent company's senior debt, four firms award insurer financial strength ratings to one or more of our insurance subsidiary companies based on their quantitative and qualitative analyses. These ratings primarily assess an insurer's ability to meet financial obligations to policyholders and do not necessarily address all of the matters that may be important to investors. Ratings are under continuous review and subject to change or withdrawal at any time by the rating agency. Each rating should be evaluated independently of any other rating; please see each rating agency's website for its most recent report on our ratings.

At October 23, 2026, our insurance subsidiaries continued to be highly rated.
Insurer Financial Strength Ratings
Rating
agency		Standard market property casualty insurance subsidiariesLife insurance
 subsidiary		Excess and surplus lines insurance subsidiaryOutlook
Rating
tier		Rating
tier		Rating
tier
A.M. Best Co.
 ambest.com
A+Superior2 of 16A+Superior2 of 16A+Superior2 of 16Stable
Fitch Ratings
 fitchratings.com
AA-Very Strong4 of 21AA-Very Strong4 of 21---Stable
Moody's Investors  Service
 moodys.com
A1Good5 of 21------Stable
S&P Global  Ratings
 spratings.com
A+Strong5 of 21A+Strong5 of 21---Stable
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CONSOLIDATED PROPERTY CASUALTY INSURANCE HIGHLIGHTS
Consolidated property casualty insurance results include premiums and expenses for our standard market insurance segments (commercial lines and personal lines), our excess and surplus lines segment, Cincinnati Re® and our London-based global specialty underwriter Cincinnati Global Underwriting Ltd.SM (Cincinnati Global).
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
20262025% Change20262025% Change
Earned premiums$2,605$2,4845 $7,672$7,1457 
Fee revenues440 11110 
Total revenues2,6092,4885 7,6837,1567 
Loss and loss expenses from:
Current accident year before catastrophe losses1,4061,3752 4,3544,0996 
Current accident year catastrophe losses283111155 9331,015(8)
Prior accident years before catastrophe losses(91)(6)nm(203)(113)(80)
Prior accident years catastrophe losses(3)(16)81 (14)(63)78 
Loss and loss expenses1,5951,4649 5,0704,9383 
Underwriting expenses7747316 2,2762,0959 
Underwriting profit$240$293(18)$337$123174 
Ratios as a percent of earned premiums:Pt. ChangePt. Change
    Current accident year before catastrophe losses54.0 %55.4 %(1.4)56.8 %57.4 %(0.6)
    Current accident year catastrophe losses10.8 4.4 6.4 12.2 14.2 (2.0)
    Prior accident years before catastrophe losses(3.5)(0.2)(3.3)(2.7)(1.6)(1.1)
    Prior accident years catastrophe losses(0.1)(0.7)0.6 (0.2)(0.9)0.7 
Loss and loss expenses61.2 58.9 2.3 66.1 69.1 (3.0)
Underwriting expenses29.7 29.3 0.4 29.7 29.3 0.4 
Combined ratio90.9 %88.2 %2.7 95.8 %98.4 %(2.6)
Combined ratio90.9 %88.2 %2.7 95.8 %98.4 %(2.6)
Contribution from catastrophe losses and prior years reserve development7.2 3.5 3.7 9.3 11.7 (2.4)
Combined ratio before catastrophe losses and prior years reserve development83.7 %84.7 %(1.0)86.5 %86.7 %(0.2)
 
Our consolidated property casualty insurance operations generated an underwriting profit of $240 million for the third quarter of 2026 and $337 million for the first nine months of 2026. The third-quarter 2026 underwriting profit decrease of $53 million, compared with third-quarter 2025, included an unfavorable increase of $185 million in losses from catastrophes, mostly caused by severe weather, partially offset by a higher amount of favorable reserve development on prior accident years before catastrophe losses. The change in underwriting profitability for the third quarter of 2026 included a favorable effect from higher current accident year loss and loss expenses before catastrophe losses that grew slower than earned premiums. The nine-month underwriting profit of $337 million, compared with an underwriting profit of $123 million for the first nine months of 2025, included a favorable decrease of $82 million in current accident year catastrophe losses and a higher amount of total favorable reserve development on prior accident years. For the first nine months of 2026, the combined ratio before catastrophe losses and prior years reserve development improved by 0.2% percentage points compared with the same period of 2025.

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Underwriting results for the third quarter and first nine months of 2026 included ratios for the current accident year before catastrophe losses that decreased for the third quarter and first nine months of 2026. 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. Due to increased uncertainty regarding ultimate losses, we intend to remain prudent in reserving for estimated ultimate losses until longer-term loss cost trends become more clear. 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.
For all property casualty lines of business in aggregate, net loss and loss expense reserves at September 30, 2026, were $1.260 billion or 11%, higher than at year-end 2025, including an increase of $997 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. The GAAP-basis combined ratio is the percentage of incurred losses plus all expenses per each earned premium dollar – the lower the ratio, the better the performance. An underwriting profit results when the combined ratio is below 100%. A combined ratio above 100% indicates that an insurance company's losses and expenses exceeded premiums.

Our consolidated property casualty combined ratio for the third quarter of 2026 increased by 2.7 percentage points, compared with the same period of 2025, including an increase of 7.0 points from catastrophe losses and loss expenses. For the first nine months of 2026, compared with the 2025 nine-month period, our combined ratio decreased by 2.6 percentage points, including a decrease of 1.3 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.

The combined ratio can be affected significantly by natural catastrophe losses and other large losses as discussed in detail below. 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. Net favorable development on prior accident year reserves, including reserves for catastrophe losses, benefited the combined ratio by 2.9 percentage points in the first nine months of 2026, compared with 2.5 percentage points in the same period of 2025. Net favorable development is discussed in further detail in Financial Results by property casualty insurance segment.
 
The ratio for current accident year loss and loss expenses before catastrophe losses improved in the first nine months of 2026. That 56.8% ratio was 0.6 percentage points lower, compared with the 57.4% accident year 2025 ratio measured as of September 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 0.6 percentage points included a decrease of 0.4 points for the IBNR portion and a decrease of 0.2 points for the case incurred portion.
 
The underwriting expense ratio increased for the third quarter and first nine months of 2026, compared with the same periods a year ago. The increases were primarily due to timing of recognition of certain expenses.
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Consolidated Property Casualty Insurance Premiums
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
20262025% Change20262025% Change
Agency renewal written premiums$2,095 $2,037 3 $6,394 $6,084 5 
Agency new business written premiums315 356 (12)1,007 1,143 (12)
Other written premiums140 100 40 642 494 30 
Net written premiums2,550 2,493 2 8,043 7,721 4 
Unearned premium change55 (9)nm(371)(576)36 
Earned premiums$2,605 $2,484 5 $7,672 $7,145 7 
 
The trends in net written premiums and earned premiums summarized in the table above include the effects of price increases. 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.
 
Consolidated property casualty net written premiums for the third quarter and nine months ended September 30, 2026, grew $57 million and $322 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.

Consolidated property casualty agency new business written premiums decreased by $41 million for the third quarter and $136 million for the first nine months of 2026, compared with the same periods of 2025, primarily due to the personal lines segment. New agency appointments during 2026 and 2025 produced a $53 million increase in new business for the first nine 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. 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.

Net written premiums for Cincinnati Re, included in other written premiums, increased by $30 million in the third quarter and $57 million for the nine months ended September 30, 2026, compared with the same periods of 2025, to $117 million and $562 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. Net written premiums for Cincinnati Global increased by $11 million in the third quarter and $34 million for the nine months ended September 30, 2026, to $93 million and $289 million, respectively, compared with the same periods of 2025.

Other written premiums include premiums ceded to reinsurers as part of our reinsurance ceded program. A decrease in ceded premiums increased net written premiums by $1 million and $82 million for the third quarter and first nine months of 2026, compared with the same periods of 2025. Other written premiums for the first nine months of 2025 included a net unfavorable amount of $49 million for reinsurance treaty reinstatement premiums related to the California wildfires.

Catastrophe losses and loss expenses typically have a material effect on property casualty results and can vary significantly from period to period. Losses from catastrophes contributed 10.7 and 12.0 percentage points to the combined ratio in the third quarter and first nine months of 2026, compared with 3.7 and 13.3 percentage points in the same periods of 2025.

Effective June 1, 2026, we renewed the reinsurance program for Cincinnati Re only, which provides retrocession coverages with various triggers, exclusions and unique features. 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. Ceded premiums for the one-year renewal period of coverage from the program are estimated to be approximately $14 million.
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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. We individually list declared catastrophe events for which our incurred losses reached or exceeded $25 million.

Consolidated Property Casualty Insurance Catastrophe Losses and Loss Expenses Incurred
(Dollars in millions, net of reinsurance)Three months ended September 30,Nine months ended September 30,
Comm.Pers.E&SComm.Pers.E&S
DatesRegionlineslineslinesOtherTotallineslineslinesOtherTotal
2026
Jan. 23-29Midwest, Northeast, South$1 $— $— $(1)$— $15 $32 $1 $— $48 
Mar. 10-12Midwest, South— 2 — — 2 8 40 — — 48 
Mar. 13-14Midwest, Northeast, South(1)(2)1 — (2)25 31 1 — 57 
Mar. 26-27Midwest1 — — — 1 33 10 — — 43 
Apr. 12-16Midwest, Northeast, South2 6 — — 8 73 57 1 5 136 
Apr. 22 - May 1Midwest, South1 (2)— 4 3 26 30 — 4 60 
Jun. 9-12Midwest, Northeast, South(5)2 — — (3)19 17 — — 36 
Jun. 28 - Jul. 8Midwest, Northeast, South, West11 25 — — 36 11 25 — — 36 
Jul. 24-30Midwest, Northeast, South15 35 — — 50 15 35 — — 50 
Aug. 9-17Midwest, Northeast, South, West35 43 — 4 82 35 43 — 4 82 
All other 2026 catastrophes32 68 — 6 106 102 194 2 39 337 
Development on 2025 and prior catastrophes(3)(6)— 6 (3)(5)(1)(1)(7)(14)
Calendar year incurred total$89 $171 $1 $19 $280 $357 $513 $4 $45 $919 
2025
Jan. 7-28West$— $1 $— $— $1 $— $325 $— $123 $448 
Mar. 14-17Midwest, Northeast, South4 7 — — 11 52 96 1 2 151 
Apr. 1-7Midwest, South(2)(7)— — (9)17 34 — — 51 
May 15-16Midwest, Northeast7 19 — 2 28 29 83 1 2 115 
All other 2025 catastrophes28 48 — 4 80 83 157 2 8 250 
Development on 2024 and prior catastrophes(5)(8)— (3)(16)(22)(34)(1)(6)(63)
Calendar year incurred total$32 $60 $— $3 $95 $159 $661 $3 $129 $952 
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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
(Dollars in millions, net of reinsurance)Three months ended September 30,Nine months ended September 30,
20262025% Change20262025% Change
Current accident year losses greater than $5 million$31 $48 (35)$68 $89 (24)
Current accident year losses $2 million - $5 million56 35 60 131 95 38 
Large loss prior accident year reserve development(17)49 nm84 132 (36)
Total large losses incurred70 132 (47)283 316 (10)
Losses incurred but not reported91 158 (42)598 650 (8)
Other losses excluding catastrophe losses890 831 7 2,495 2,260 10 
Catastrophe losses270 83 225 895 921 (3)
Total losses incurred$1,321 $1,204 10 $4,271 $4,147 3 
Ratios as a percent of earned premiums:Pt. ChangePt. Change
Current accident year losses greater than $5 million1.2 %1.9 %(0.7)0.9 %1.3 %(0.4)
Current accident year losses $2 million - $5 million2.2 1.4 0.8 1.7 1.3 0.4 
Large loss prior accident year reserve development(0.7)2.0 (2.7)1.1 1.8 (0.7)
Total large loss ratio2.7 5.3 (2.6)3.7 4.4 (0.7)
Losses incurred but not reported3.5 6.4 (2.9)7.8 9.1 (1.3)
Other losses excluding catastrophe losses34.1 33.4 0.7 32.5 31.6 0.9 
Catastrophe losses10.4 3.4 7.0 11.7 12.9 (1.2)
Total loss ratio50.7 %48.5 %2.2 55.7 %58.0 %(2.3)
 
We believe the inherent variability of aggregate loss experience for our portfolio of larger policies is greater than that of our portfolio of smaller policies, and we continue to monitor the variability in addition to general inflationary trends in loss costs. 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. The third-quarter 2026 property casualty total large losses incurred of $70 million, net of reinsurance, was lower than the $111 million quarterly average during full-year 2025 and the $132 million experienced for the third quarter of 2025. The ratio for these large losses was 2.6 percentage points lower compared with last year's third quarter. The third-quarter 2026 amount of total large losses incurred favorably contributed to the decrease in the nine-month 2026 total large loss ratio, compared with 2025, more than offsetting a first-half 2026 ratio that was 0.2 points higher than the first half of 2025. We believe results for the three- and nine-month period largely reflected normal fluctuations in loss patterns and normal variability in large case reserves for claims above $2 million. Losses by size are discussed in further detail in results of operations by property casualty insurance segment.
FINANCIAL RESULTS
Consolidated results reflect the operating results of each of our five segments along with the parent company, Cincinnati Re, Cincinnati Global and other activities reported as "Other." The five segments are:
•Commercial lines insurance
•Personal lines insurance
•Excess and surplus lines insurance
•Life insurance
•Investments

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COMMERCIAL LINES INSURANCE RESULTS
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
20262025% Change20262025% Change
Earned premiums$1,270 $1,229 3 $3,762 $3,620 4 
Fee revenues2 2 0 4 4 0 
Total revenues1,272 1,231 3 3,766 3,624 4 
Loss and loss expenses from:
Current accident year before catastrophe losses736 728 1 2,293 2,171 6 
Current accident year catastrophe losses92 37 149 362 181 100 
Prior accident years before catastrophe losses(43)(13)(231)(111)(81)(37)
Prior accident years catastrophe losses(3)(5)40 (5)(22)77 
Loss and loss expenses782 747 5 2,539 2,249 13 
Underwriting expenses398 373 7 1,166 1,080 8 
Underwriting profit$92 $111 (17)$61 $295 (79)
Ratios as a percent of earned premiums:Pt. ChangePt. Change
Current accident year before catastrophe losses58.0 %59.2 %(1.2)61.0 %60.0 %1.0 
Current accident year catastrophe losses7.1 3.0 4.1 9.6 5.0 4.6 
Prior accident years before catastrophe losses(3.4)(1.0)(2.4)(3.0)(2.2)(0.8)
Prior accident years catastrophe losses(0.2)(0.4)0.2 (0.1)(0.6)0.5 
Loss and loss expenses61.5 60.8 0.7 67.5 62.2 5.3 
Underwriting expenses31.3 30.3 1.0 31.0 29.8 1.2 
Combined ratio92.8 %91.1 %1.7 98.5 %92.0 %6.5 
Combined ratio92.8 %91.1 %1.7 98.5 %92.0 %6.5 
Contribution from catastrophe losses and prior years reserve development3.5 1.6 1.9 6.5 2.2 4.3 
Combined ratio before catastrophe losses and prior years reserve development89.3 %89.5 %(0.2)92.0 %89.8 %2.2 
 
Overview
Performance highlights for the commercial lines segment include:
•Premiums – Earned premiums and net written premiums for the commercial lines segment grew during the third quarter and first nine 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. We continue to use predictive analytics tools to improve pricing precision and segmentation while leveraging our local relationships with agents through the efforts of our teams that work closely with them. 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.
Agency renewal written premiums increased 1% for the third quarter and 2% for the first nine months of 2026, compared with the same periods of 2025, including price increases. During the third quarter of 2026, our overall standard commercial lines policies averaged estimated renewal price increases at percentages in the low-single-digit range. We continue to segment commercial lines policies, emphasizing identification and retention of those we believe have relatively stronger pricing. Conversely, we continue to maintain stricter renewal terms and conditions on policies we believe have relatively weaker pricing, thus retaining fewer of those policies. We measure average changes in commercial lines renewal pricing as the percentage rate of change in renewal premium for the new policy period compared with the premium for the expiring policy period, assuming no change in the level of insured exposures or policy coverage between those periods for the respective policies.
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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. 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. For commercial lines policies that did expire and were then renewed during the third 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. 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.
Our commercial lines segment's increase in agency renewal written premiums for the first nine 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. Audits completed during the first nine months of 2026 contributed $49 million to net written premiums, compared with $70 million for the same period of 2025.
New business written premiums for commercial lines decreased $3 million during the third quarter and increased $7 million during the first nine 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. That variability is often driven by larger policies with annual premiums greater than $100,000.
Other written premiums include premiums ceded to reinsurers as part of our reinsurance ceded program. For our commercial lines insurance segment, the change in other written premiums decreased net written premiums by $3 million for the third quarter and $4 million for the first nine months of 2026, compared with the same periods of 2025.

Commercial Lines Insurance Premiums
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
20262025% Change20262025% Change
Agency renewal written premiums$1,050 $1,043 1 $3,380 $3,311 2 
Agency new business written premiums182 185 (2)595 588 1 
Other written premiums(33)(30)(10)(90)(86)(5)
Net written premiums1,199 1,198 0 3,885 3,813 2 
Unearned premium change71 31 129 (123)(193)36 
Earned premiums$1,270 $1,229 3 $3,762 $3,620 4 
 
•Combined ratio – The third-quarter 2026 commercial lines combined ratio increased by 1.7 percentage points, compared with the third quarter of 2025, including an increase of 4.3 points in losses from catastrophes. The third-quarter combined ratio decreased by 1.2 points from current accident year loss and loss expenses before catastrophe losses, including a decrease of 4.6 points for the IBNR portion and an increase of 3.4 points for the case incurred portion. For the first nine months of 2026, the combined ratio increased by 6.5 percentage points, compared with the same period a year ago, including an increase of 5.1 points in losses from catastrophes. The nine-month 2026 combined ratio also included an increase of 1.0 points from current accident year loss and loss expenses before catastrophe losses, including a decrease of 1.0 points for the IBNR portion and an increase of 2.0 points for the case incurred portion. Underwriting results also included favorable reserve development on prior accident years, as discussed below. The current accident year ratios were measured as of September 30 of the respective years and included an increase of 0.6 percentage points for the first nine months of 2026 in the ratio for large losses of $2 million or more per claim, discussed below.
Catastrophe losses and loss expenses accounted for 6.9 and 9.5 percentage points of the combined ratio for the third quarter and first nine months of 2026, compared with 2.6 and 4.4 percentage points for the same 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.
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The net effect of reserve development on prior accident years during the third quarter and first nine months of 2026 was favorable for commercial lines overall by $46 million and $116 million, compared with $18 million and $103 million for the same periods in 2025. For the first nine months of 2026, our commercial property and workers' compensation lines of business were the main contributors to the commercial lines net favorable reserve development. The net favorable reserve development recognized during the first nine 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. 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.
The commercial lines underwriting expense ratio increased for the third quarter and first nine months of 2026, compared with the same periods a year ago. The increase for both periods was largely due to an increase in commission expenses, including profit sharing commissions, 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
(Dollars in millions, net of reinsurance)Three months ended September 30,Nine months ended September 30,
20262025% Change20262025% Change
Current accident year losses greater than $5 million$26 $48 (46)$55 $60 (8)
Current accident year losses $2 million - $5 million41 12 242 79 49 61 
Large loss prior accident year reserve development(25)47 nm63 105 (40)
Total large losses incurred42 107 (61)197 214 (8)
Losses incurred but not reported58 67 (13)256 336 (24)
Other losses excluding catastrophe losses433 405 7 1,277 1,106 15 
Catastrophe losses84 29 190 348 152 129 
Total losses incurred$617 $608 1 $2,078 $1,808 15 
Ratios as a percent of earned premiums:Pt. ChangePt. Change
Current accident year losses greater than $5 million2.0 %3.9 %(1.9)1.5 %1.7 %(0.2)
Current accident year losses $2 million - $5 million3.2 1.0 2.2 2.1 1.3 0.8 
Large loss prior accident year reserve development(1.9)3.8 (5.7)1.6 2.9 (1.3)
Total large loss ratio3.3 8.7 (5.4)5.2 5.9 (0.7)
Losses incurred but not reported4.5 5.4 (0.9)6.8 9.3 (2.5)
Other losses excluding catastrophe losses34.1 33.0 1.1 33.9 30.5 3.4 
Catastrophe losses6.6 2.4 4.2 9.3 4.2 5.1 
Total loss ratio48.5 %49.5 %(1.0)55.2 %49.9 %5.3 

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. The third-quarter 2026 commercial lines total large losses incurred of $42 million, net of reinsurance, was lower than the quarterly average of $74 million during full-year 2025 and the $107 million of total large losses incurred for the third quarter of 2025. The decrease in commercial lines large losses for the first nine months of 2026 was primarily due to lower large losses for our commercial casualty line of business which were partially offset by higher commercial property large losses. The third-quarter 2026 ratio for commercial lines total large losses was 5.4 percentage points lower than last year's third-quarter ratio. The third-quarter 2026 amount of total large losses incurred contributed to the decrease in the nine-month 2026 total large loss ratio, compared with 2025, more than offsetting a first-half 2026 ratio that was 1.8 points higher than the first half of 2025. We believe results for the three- and nine-month periods largely reflected normal fluctuations in loss patterns and normal variability in large case reserves for claims above $2 million.

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PERSONAL LINES INSURANCE RESULTS
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
20262025% Change20262025% Change
Earned premiums$888 $838 6 $2,641 $2,340 13 
Fee revenues1 1 0 4 4 0 
Total revenues889 839 6 2,645 2,344 13 
Loss and loss expenses from:
Current accident year before catastrophe losses425 425 0 1,351 1,280 6 
Current accident year catastrophe losses177 68 160 514 695 (26)
Prior accident years before catastrophe losses(32)22 nm(55)10 nm
Prior accident years catastrophe losses(6)(8)25 (1)(34)97 
Loss and loss expenses564 507 11 1,809 1,951 (7)
Underwriting expenses237 233 2 717 665 8 
Underwriting profit (loss)$88 $99 (11)$119 $(272)nm
Ratios as a percent of earned premiums:Pt. ChangePt. Change
Current accident year before catastrophe losses47.9 %50.7 %(2.8)51.1 %54.7 %(3.6)
Current accident year catastrophe losses19.9 8.0 11.9 19.5 29.7 (10.2)
Prior accident years before catastrophe losses(3.6)2.6 (6.2)(2.1)0.4 (2.5)
Prior accident years catastrophe losses(0.7)(0.9)0.2 (0.1)(1.4)1.3 
Loss and loss expenses63.5 60.4 3.1 68.4 83.4 (15.0)
Underwriting expenses26.8 27.8 (1.0)27.2 28.4 (1.2)
Combined ratio90.3 %88.2 %2.1 95.6 %111.8 %(16.2)
Combined ratio90.3 %88.2 %2.1 95.6 %111.8 %(16.2)
Contribution from catastrophe losses and prior years reserve development15.6 9.7 5.9 17.3 28.7 (11.4)
Combined ratio before catastrophe losses and prior years reserve development74.7 %78.5 %(3.8)78.3 %83.1 %(4.8)

Overview
Performance highlights for the personal lines segment include:
•Premiums – Personal lines earned premiums and net written premiums continued to grow during the third quarter and first nine 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.
Agency renewal written premiums increased 5% and 9% for the third quarter and first nine 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. Policy retention remained in the 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.
We estimate that premium rates for our personal auto and homeowner lines of business increased at average percentages near the low end of the high-single-digit range during the first nine 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.
Personal lines new business written premiums decreased $40 million or 34% for the third quarter of 2026, compared with the same period of 2025. For the first nine months of 2026, compared with the same period of 2025, personal lines new business written premiums decreased $154 million, or 40%. We believe we maintained underwriting and pricing discipline as we continued to carefully underwrite each policy in a highly competitive market.
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Other written premiums include premiums ceded to reinsurers as part of our reinsurance ceded program. For our personal lines insurance segment, an increase in 2026 ceded premiums decreased net written premiums by approximately $2 million for the third quarter of 2026 compared with the same period of 2025. For the first nine months of 2026, a decrease in 2026 ceded premiums increased net written premiums by approximately $57 million compared with the same period of 2025. Ceded premiums for the first nine months of 2025 included a net amount of $63 million for reinsurance reinstatement premiums related to the January 2025 wildfires in southern California.
Personal Lines Insurance Premiums
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
20262025% Change20262025% Change
Agency renewal written premiums$911 $864 5 $2,580 $2,364 9 
Agency new business written premiums76 116 (34)230 384 (40)
Other written premiums(30)(29)(3)(88)(145)39 
Net written premiums957 951 1 2,722 2,603 5 
Unearned premium change(69)(113)39 (81)(263)69 
Earned premiums$888 $838 6 $2,641 $2,340 13 
 
•Combined ratio – Our personal lines combined ratio for the third quarter of 2026 increased by 2.1 percentage points, compared with third-quarter 2025, including an increase of 12.1 points in losses from catastrophes. The third-quarter 2026 combined ratio increase was partially offset by a decrease of 2.8 percentage points from current accident year loss and loss expenses before catastrophe losses, including a decrease of 0.4 points for the IBNR portion and a decrease of 2.4 points for the case incurred portion. For the first nine months of 2026, the combined ratio improved by 16.2 percentage points, compared with the same period a year ago, including a decrease of 8.9 points in losses from catastrophes. The nine-month 2026 combined ratio improvement also included a decrease of 3.6 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 4.0 points for the case incurred portion. The total current accident year ratios before catastrophe losses were measured as of September 30 of the respective years and included a decrease of 0.9 percentage points for the first nine months of 2026 in the ratio for large losses of $2 million or more per claim, discussed below.
Catastrophe losses and loss expenses accounted for 19.2 and 19.4 percentage points of the combined ratio for the third quarter and first nine months of 2026, compared with 7.1 and 28.3 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.
In addition to the average rate increases discussed above, we continue to refine our pricing to better match premiums to the risk of loss on individual policies. Improved pricing precision and broad-based rate increases are expected to help position the combined ratio at a profitable level over the long term. In addition, greater geographic diversification is expected to reduce the volatility of homeowner loss ratios attributable to weather-related catastrophe losses over time.
The net effect of reserve development on prior accident years during the third quarter and first nine months of 2026 was favorable by $38 million and $56 million, compared with an unfavorable $14 million for the third quarter of 2025 and a favorable $24 million for the first nine months of 2025. Our homeowner line of business was the main contributor to the personal lines net favorable reserve development for the first nine 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.
The personal lines underwriting expense ratio decreased for the third quarter and first nine months of 2026, compared with the same periods a year ago. The third-quarter and nine-month decreases were primarily due to lower commission expenses, including profit sharing commissions, and timing of recognition of certain expenses. The ratio for both periods also included ongoing expense management efforts.
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Personal Lines Insurance Losses Incurred by Size
(Dollars in millions, net of reinsurance)Three months ended September 30,Nine months ended September 30,
20262025% Change20262025% Change
Current accident year losses greater than $5 million$5 $— nm$13 $29 (55)
Current accident year losses $2 million - $5 million13 23 (43)50 46 9 
Large loss prior accident year reserve development8 2 300 21 27 (22)
Total large losses incurred26 25 4 84 102 (18)
Losses incurred but not reported— 32 (100)148 143 3 
Other losses excluding catastrophe losses310 316 (2)863 827 4 
Catastrophe losses166 54 207 500 645 (22)
Total losses incurred$502 $427 18 $1,595 $1,717 (7)
Ratios as a percent of earned premiums:Pt. ChangePt. Change
Current accident year losses greater than $5 million0.6 %0.0 %0.6 0.5 %1.3 %(0.8)
Current accident year losses $2 million - $5 million1.6 2.9 (1.3)1.9 2.0 (0.1)
Large loss prior accident year reserve development0.8 0.2 0.6 0.8 1.1 (0.3)
Total large loss ratio3.0 3.1 (0.1)3.2 4.4 (1.2)
Losses incurred but not reported0.0 3.8 (3.8)5.6 6.1 (0.5)
Other losses excluding catastrophe losses34.9 37.5 (2.6)32.7 35.4 (2.7)
Catastrophe losses18.7 6.5 12.2 18.9 27.5 (8.6)
Total loss ratio56.6 %50.9 %5.7 60.4 %73.4 %(13.0)

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. In the third quarter of 2026, the personal lines total large loss ratio, net of reinsurance, was 0.1 percentage points lower than last year's third quarter. The large losses incurred in the third quarter of 2026 unfavorably affected the nine-month 2026 total large loss ratio, compared with 2025, partially offsetting a first-half 2026 ratio that was 1.8 points lower than the first half of 2025. We believe results for the three- and nine-month periods largely reflected normal fluctuations in loss patterns and normal variability in large case reserves for claims above $2 million.

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EXCESS AND SURPLUS LINES INSURANCE RESULTS
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
20262025% Change20262025% Change
Earned premiums$187 $174 7 $556 $510 9 
Fee revenues1 1 0 3 3 0 
Total revenues188 175 7 559 513 9 
Loss and loss expenses from:
Current accident year before catastrophe losses119 112 6 357 331 8 
Current accident year catastrophe losses1 — nm5 4 25 
Prior accident years before catastrophe losses(6)(4)(50)(19)(17)(12)
Prior accident years catastrophe losses— — 0 (1)(1)0 
Loss and loss expenses114 108 6 342 317 8 
Underwriting expenses53 48 10 156 141 11 
Underwriting profit$21 $19 11 $61 $55 11 
Ratios as a percent of earned premiums:Pt. ChangePt. Change
Current accident year before catastrophe losses63.8 %64.1 %(0.3)64.3 %64.8 %(0.5)
Current accident year catastrophe losses1.0 0.2 0.8 1.0 0.9 0.1 
Prior accident years before catastrophe losses(3.3)(2.1)(1.2)(3.4)(3.2)(0.2)
Prior accident years catastrophe losses0.0 (0.1)0.1 (0.2)(0.3)0.1 
Loss and loss expenses61.5 62.1 (0.6)61.7 62.2 (0.5)
Underwriting expenses27.9 27.7 0.2 28.0 27.6 0.4 
Combined ratio89.4 %89.8 %(0.4)89.7 %89.8 %(0.1)
Combined ratio89.4 %89.8 %(0.4)89.7 %89.8 %(0.1)
Contribution from catastrophe losses and prior years reserve development(2.3)(2.0)(0.3)(2.6)(2.6)0.0 
Combined ratio before catastrophe losses and prior years reserve development91.7 %91.8 %(0.1)92.3 %92.4 %(0.1)
 
Overview
Performance highlights for the excess and surplus lines segment include:
•Premiums – Excess and surplus lines earned premiums and net written premiums continued to grow during the third quarter and first nine months of 2026, compared with the same periods a year ago, including increases in both agency renewal and new business written premiums. Renewal written premiums rose 3% for the third quarter and 6% for the nine months ended September 30, 2026, compared with the same periods of 2025, including higher renewal pricing. 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.
New business written premiums produced by agencies increased by 4% for the third quarter and 6% for the first nine 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.
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Excess and Surplus Lines Insurance Premiums
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
20262025% Change20262025% Change
Agency renewal written premiums$134 $130 3 $434 $409 6 
Agency new business written premiums57 55 4 182 171 6 
Other written premiums(7)(10)30 (31)(35)11 
Net written premiums184 175 5 585 545 7 
Unearned premium change3 (1)nm(29)(35)17 
Earned premiums$187 $174 7 $556 $510 9 
 
•Combined ratio – The excess and surplus lines combined ratio improved by 0.4 percentage points for the third quarter and 0.1 points for the first nine months of 2026, compared with the same periods of 2025. Changes in the combined ratio were largely due to lower ratios for current accident year loss and loss expenses and more favorable net reserve development on prior accident years that were partially offset by higher ratios for current accident year catastrophe losses and underwriting expenses.
The 63.8% third-quarter 2026 ratio for current accident year loss and loss expenses before catastrophe losses was 0.3 percentage points lower, compared with the 64.1% accident year 2025 ratio measured as of September 30, 2025, including an increase of 1.5 points for the IBNR portion and a decrease of 1.8 points for the case incurred portion. The nine-month 2026 ratio for current accident year loss and loss expenses before catastrophe losses was 0.5 percentage points lower, compared with the 64.8% accident year 2025 ratio measured as of September 30, 2025, including an increase of 1.2 points for the IBNR portion and a decrease of 1.7 points for the case incurred portion.
Excess and surplus lines net reserve development on prior accident years, as a ratio to earned premiums, was favorable by 3.3% for the third quarter and 3.6% for the first nine months of 2026, compared with 2.2% and 3.5% 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.
The excess and surplus lines underwriting expense ratio increased for the third quarter and first nine months of 2026 compared with the same periods a year ago, largely due to timing of recognition of certain expenses. The ratio also included ongoing expense management efforts and premium growth.
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Excess and Surplus Lines Insurance Losses Incurred by Size
(Dollars in millions, net of reinsurance)Three months ended September 30,Nine months ended September 30,
20262025% Change20262025% Change
Current accident year losses greater than $5 million$— $— nm$— $— nm
Current accident year losses $2 million - $5 million2 — nm2 — nm
Large loss prior accident year reserve development— — nm— — nm
Total large losses incurred2 — nm2 — nm
Losses incurred but not reported37 16 131 132 93 42 
Other losses excluding catastrophe losses38 59 (36)102 125 (18)
Catastrophe losses1 — nm4 3 33 
Total losses incurred$78 $75 4 $240 $221 9 
Ratios as a percent of earned premiums:Pt. ChangePt. Change
Current accident year losses greater than $5 million0.0 %0.0 %0.0 0.0 %0.0 %0.0 
Current accident year losses $2 million - $5 million1.1 0.0 1.1 0.3 0.0 0.3 
Large loss prior accident year reserve development0.0 0.0 0.0 0.0 0.0 0.0 
Total large loss ratio1.1 0.0 1.1 0.3 0.0 0.3 
Losses incurred but not reported19.5 9.2 10.3 23.7 18.3 5.4 
Other losses excluding catastrophe losses20.0 33.6 (13.6)18.5 24.4 (5.9)
Catastrophe losses1.0 0.0 1.0 0.8 0.5 0.3 
Total loss ratio41.6 %42.8 %(1.2)43.3 %43.2 %0.1 
 
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. In the third quarter of 2026, the excess
and surplus lines total ratio for large losses, net of reinsurance, was 1.1 percentage points higher than last year's
third quarter. The third-quarter 2026 amount of total large losses incurred resulted in an increase in the nine-month 2026 total large loss ratio, compared with 2025, as there were no large losses during the first six-months of 2026 or 2025. We believe results for the three- and nine-month periods largely reflected normal fluctuations in loss patterns.
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LIFE INSURANCE RESULTS
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
20262025% Change20262025% Change
Earned premiums$85 $83 2 $257 $246 4 
Fee revenues2 1 100 5 4 25 
Total revenues87 84 4 262 250 5 
Contract holders' benefits incurred80 76 5 243 230 6 
Investment interest credited to contract holders(32)(32)0 (97)(95)(2)
Underwriting expenses incurred25 23 9 73 70 4 
Total benefits and expenses73 67 9 219 205 7 
Life insurance segment profit$14 $17 (18)$43 $45 (4)
 
Overview
Performance highlights for the life insurance segment include:
•Revenues – Revenues increased for the nine months ended September 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.
Net in-force life insurance policy face amounts increased 2% to $89.429 billion at September 30, 2026, from $87.311 billion at year-end 2025.
Fixed annuity deposits received for the three and nine months ended September 30, 2026, were $5 million and $19 million, compared with $8 million and $20 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. Profit is earned over time by way of interest rate spreads. We do not write variable or equity-indexed annuities.
Life Insurance Premiums
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
20262025% Change20262025% Change
Term life insurance$62 $61 2 $187 $179 4 
Whole life insurance15 14 7 42 40 5 
Universal life and other 8 8 0 28 27 4 
Earned premiums$85 $83 2 $257 $246 4 
 
•Profitability – Our life insurance segment typically reports a smaller profit compared with the life insurance subsidiary because profits from investment income spreads are included in our investments segment results. We include only investment income credited to contract holders (including interest assumed in life insurance policy reserve calculations) in our life insurance segment results. A profit of $43 million for our life insurance segment in the first nine months of 2026, compared with a profit of $45 million for the same period of 2025, was primarily due to less favorable impacts from the unlocking of interest rate and other actuarial assumptions, partially offset by higher earned premiums and more favorable mortality experience.

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. Total benefits increased in the first nine 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.

Underwriting expenses for the first nine 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.

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We recognize that assets under management, capital appreciation and investment income are integral to evaluating the success of the life insurance segment because of the long duration of life products. On a basis that includes investment income and investment gains or losses from life-insurance-related invested assets, the life insurance subsidiary reported net income of $31 million and $87 million for the three and nine months ended September 30, 2026, compared with $28 million and $75 million for the three and nine months ended September 30, 2025. The life insurance subsidiary portfolio had net after-tax investment gains of $3 million and $2 million for the three and nine months ended September 30, 2026, compared with net after-tax investment losses of $1 million and $5 million for the three and nine months ended September 30, 2025.

INVESTMENTS RESULTS
Overview
The investments segment contributes investment income and investment gains and losses to results of operations. Investments traditionally are our primary source of pretax and after-tax profits.
Investment Income
Pretax investment income grew 10% for the third quarter and 12% for the first nine months of 2026, compared with the same periods of 2025. Interest income increased by $25 million and $80 million for the three and nine months ended September 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. Dividend income decreased by $3 million for the third quarter and increased $8 million for the first nine months of 2026. The increase for the first nine 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
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
20262025% Change20262025% Change
Total investment income, net of expenses$325 $295 10 $962 $860 12 
Investment interest credited to contract holders(32)(32)0 (97)(95)(2)
Investment gains and losses, net20 853 (98)1,258 1,259 0 
Investments profit, pretax$313 $1,116 (72)$2,123 $2,024 5 
We continue to consider the low interest rate environment that prevailed for several years prior to 2022 as well as the potential for a continuation of both elevated inflation and higher bond yields as we position our portfolio. As bonds in our generally laddered portfolio mature or are called over the near term, we will reinvest with a balanced approach, keeping in mind our long-term strategy and pursuing attractive risk-adjusted after-tax yields. The table below shows the average pretax yield-to-amortized cost associated with expected principal redemptions for our fixed-maturity portfolio. The expected principal redemptions are based on par amounts and include dated maturities, calls and prefunded municipal bonds that we expect will be called during each respective time period.
(Dollars in millions) % YieldPrincipal redemptions
At September 30, 2026
Fixed-maturity pretax yield profile:
Expected to mature during the remainder of 20264.99 %$242 
Expected to mature during 20275.20 666 
Expected to mature during 20286.08 1,055 
Average yield and total expected maturities from the remainder of 2026 through 20285.65 $1,963 

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The table below shows the average pretax yield-to-amortized cost for fixed-maturity securities acquired during the periods indicated. The average yield-to-amortized cost for total fixed-maturity securities acquired during the first nine 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. Our fixed-maturity portfolio's average yield-to-amortized cost of 5.00% for the first nine 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.
Three months ended September 30,Nine months ended September 30,
2026202520262025
Average pretax yield-to-amortized cost on new fixed-maturities:
Acquired taxable fixed-maturities5.99 %5.63 %5.75 %5.81 %
Acquired tax-exempt fixed-maturities4.82 4.83 4.59 4.75 
Average total fixed-maturities acquired5.93 5.52 5.68 5.69 

While our bond portfolio more than covers our insurance reserve liabilities, we believe our diversified common stock portfolio of mainly blue chip, dividend-paying companies represents one of our best investment opportunities for the long term. We discussed our portfolio strategies in our 2025 Annual Report on Form 10-K, Item 1, Investments Segment, Page 21, and Item 7, Investments Outlook, Page 86. We discuss risks related to our investment income and our fixed-maturity and equity investment portfolios in this quarterly report Item 3, Quantitative and Qualitative Disclosures About Market Risk.

The table below provides details about investment income. 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.
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
20262025% Change20262025% Change
Investment income:
Interest$252 $227 11 $731 $651 12 
Dividends66 69 (4)214 206 4 
Other11 4 175 31 16 94 
Less investment expenses4 5 (20)14 13 8 
Investment income, pretax325 295 10 962 860 12 
Less income taxes
57 51 12 167 148 13 
Total investment income, after-tax$268 $244 10 $795 $712 12 
Investment returns:
Average invested assets plus cash and cash
  equivalents		$35,549 $31,899 $34,631 $31,345 
Average yield pretax3.66 %3.70 %3.70 %3.66 %
Average yield after-tax3.02 3.06 3.06 3.03 
Effective tax rate17.6 17.3 17.4 17.2 
Fixed-maturity returns:
Average amortized cost$19,989 $17,816 $19,504 $17,515 
Average yield pretax5.04 %5.10 %5.00 %4.96 %
Average yield after-tax4.10 4.16 4.07 4.04 
Effective tax rate18.6 18.4 18.5 18.4 
 
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Total Investment Gains and Losses
Investment gains and losses are recognized on the sale of investments, for certain changes in fair values of securities even though we continue to hold the securities or as otherwise required by GAAP. The change in fair value for equity securities still held is included in investment gains and losses and also in net income. The change in unrealized gains or losses for fixed-maturity securities is included as a component of other comprehensive income (OCI). Accounting requirements for the allowance for credit losses for the fixed-maturity portfolio are disclosed in our 2025 Annual Report on Form 10-K, Item 8, Note 1, Summary of Significant Accounting Policies, Page 124.
 
The table below summarizes total investment gains and losses, before taxes.
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
2026202520262025
Investment gains and losses:
Equity securities:
Investment gains and losses on securities sold, net$5 $(9)$255 $(5)
Unrealized gains and losses on securities still held, net1 855 980 1,259 
Subtotal6 846 1,235 1,254 
Fixed maturities:
Gross realized gains— 2 9 3 
Gross realized losses(3)(1)(5)(1)
Change in allowance for credit losses, net(5)— (7)(15)
Subtotal(8)1 (3)(13)
Other 22 6 26 18 
Total investment gains and losses reported in net income20 853 1,258 1,259 
Change in unrealized investment gains and losses:
Fixed maturities(1,160)241 (1,305)336 
Short-term(2)— (3)— 
Total$(1,142)$1,094 $(50)$1,595 

Of the 5,607 fixed-maturity and short-term securities in the portfolio, 113 securities were trading below 70% of amortized cost at September 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.

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OTHER
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.

Total revenues for the first nine 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 $15 million and $23 million, respectively. Cincinnati Re had $459 million of earned premiums for the first nine months of 2026 and generated an underwriting profit of $58 million. Cincinnati Global had $254 million of earned premiums for the first nine months of 2026 and generated an underwriting profit of $38 million. Total expenses for Other decreased for the first nine months of 2026, primarily due to lower loss and loss expenses from Cincinnati Re.

Other income (loss) in the table below represents profit before income taxes. For the first nine months of 2026, total other income was driven by underwriting profit from Cincinnati Re and Cincinnati Global. For the first nine months of 2025, total other loss resulted from an underwriting loss from Cincinnati Re and interest expense from debt of the parent company.
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
20262025% Change20262025% Change
Interest and fees on loans and leases$3 $3 0 $9 $8 13 
Earned premiums260 243 7 713 675 6 
Other revenues3 3 0 10 7 43 
Total revenues266 249 7 732 690 6 
Interest expense12 13 (8)39 40 (3)
Loss and loss expenses135 102 32 380 421 (10)
Underwriting expenses86 77 12 237 209 13 
Operating expenses8 6 33 28 27 4 
Total expenses241 198 22 684 697 (2)
 Total other income (loss)$25 $51 (51)$48 $(7)nm
 
TAXES
We had $94 million and $467 million of income tax expense for the three and nine months ended September 30, 2026, compared with $291 million and $423 million of income tax expense for the same periods of 2025. The effective tax rate for the three and nine months ended September 30, 2026, was 17.0% and 19.0% compared with 20.6% and 19.8% 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.

Historically, we have pursued a strategy of investing some portion of cash flow in tax-advantaged, fixed-maturity and equity securities to minimize our overall tax liability and maximize after-tax earnings. See Tax-Exempt Fixed Maturities in this quarterly report Item 3, Quantitative and Qualitative Disclosures About Market Risk for further discussion on municipal bond purchases in our fixed-maturity investment portfolio. For tax years after 2017, for our property casualty insurance subsidiaries, approximately 75% of interest from tax-advantaged, fixed-maturity investments and approximately 40% of dividends from qualified equities are exempt from federal tax after applying proration. For our noninsurance companies, the dividend received deduction exempts 50% of dividends from qualified equities. Our life insurance company does not own tax-advantaged, fixed-maturity investments or equities subject to the dividend received deduction. Details about our effective tax rate are in this quarterly report Item 1, Note 9, Income Taxes.
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LIQUIDITY AND CAPITAL RESOURCES
At September 30, 2026, shareholders' equity was $16.182 billion, compared with $15.911 billion at December 31, 2025. Total debt was $808 million at September 30, 2026, down $7 million from $815 million at December 31, 2025. At September 30, 2026, cash and cash equivalents totaled $1.239 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. We also have additional capacity to borrow on our revolving short-term line of credit, as described further below.

SOURCES OF LIQUIDITY
 
Subsidiary Dividends
Our lead insurance subsidiary declared dividends of $595 million to the parent company in the first nine months of 2026, compared with $350 million for the same period of 2025. For full-year 2025, our lead insurance subsidiary paid dividends totaling $550 million to the parent company. State of Ohio regulatory requirements restrict the dividends our insurance subsidiary can pay. For full-year 2026, total dividends that our insurance subsidiary can pay to our parent company without regulatory approval are approximately $975 million.
 
Investing Activities
Investment income is a source of liquidity for both the parent company and its insurance subsidiaries. We continue to focus on portfolio strategies to balance near-term income generation and long-term book value growth.
 
Parent company obligations can be funded with income on investments held at the parent-company level or through sales of securities in that portfolio, although our investment philosophy seeks to compound cash flows over the long term. These sources of capital can help minimize subsidiary dividends to the parent company, protecting insurance subsidiary capital.

For a discussion of our historic investment strategy, portfolio allocation and quality, see our 2025 Annual Report on Form 10-K, Item 1, Investments Segment, Page 21.
 
Insurance Underwriting
Our property casualty and life insurance underwriting operations provide liquidity because we generally receive premiums before paying losses under the policies purchased with those premiums. After satisfying our cash requirements, we invest excess cash flows, increasing future investment income.
 
Historically, cash receipts from property casualty and life insurance premiums, along with investment income, have been more than sufficient to pay claims, operating expenses and dividends to the parent company.
 
The table below shows a summary of the operating cash flow for property casualty insurance (direct method):
(Dollars in millions)Three months ended September 30,Nine months ended September 30,
20262025% Change20262025% Change
Premiums collected$2,694 $2,626 3 $7,778 $7,369 6 
Loss and loss expenses paid(1,316)(1,217)(8)(3,810)(3,862)1 
Commissions and other underwriting expenses paid(660)(634)(4)(2,346)(2,226)(5)
Cash flow from underwriting718 775 (7)1,622 1,281 27 
Investment income received244 217 12 704 630 12 
Cash flow from operations$962 $992 (3)$2,326 $1,911 22 
 
Collected premiums for property casualty insurance rose $409 million during the first nine months of 2026, compared with the same period in 2025. Loss and loss expenses paid for the 2026 period decreased $52 million. Commissions and other underwriting expenses paid increased $120 million.
 
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We discuss our future obligations for claims payments and for underwriting expenses in our 2025 Annual Report on Form 10-K, Item 7, Obligations, Page 92.
 
Capital Resources
At September 30, 2026, our debt-to-total-capital ratio was 4.8%, 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. At September 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. Our line of credit had an expiration date of October 10, 2030, with two optional one-year extensions. On September 25, 2026, we exercised the first option to extend the term of the line of credit one year to October 10, 2031. Based on our capital requirements at September 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. We held common equities with a fair value of $245 million in Lloyd's trust accounts to provide a portion of the capital needed to support Cincinnati Global's operations at September 30, 2026.

We provide details of our three long-term notes in this quarterly report Item 1, Note 3, Fair Value Measurements. None of the notes are encumbered by rating triggers.
 
Four independent ratings firms award insurer financial strength ratings to our property casualty insurance companies and three firms rate our life insurance company. Those firms made no changes to our parent company debt ratings during the first nine 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.
 
Off-Balance Sheet Arrangements
We do not use any special-purpose financing vehicles or have any undisclosed off-balance sheet arrangements (as that term is defined in applicable SEC rules) that are reasonably likely to have a current or future material effect on the company's financial condition, results of operation, liquidity, capital expenditures or capital resources. Similarly, the company holds no fair-value contracts for which a lack of marketplace quotations would necessitate the use of fair-value techniques.
 
USES OF LIQUIDITY
Our parent company and insurance subsidiary have contractual obligations and other commitments. In addition, one of our primary uses of cash is to enhance shareholder return.
 
Contractual Obligations
We estimated our future contractual obligations as of December 31, 2025, in our 2025 Annual Report on Form 10-K, Item 7, Contractual Obligations, Page 92. There have been no material changes to our estimates of future contractual obligations since our 2025 Annual Report on Form 10-K.

Other Commitments
In addition to our contractual obligations, we have other property casualty operational commitments:
•Commissions – Commissions paid were $1.610 billion in the first nine 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. Noncommission underwriting expenses paid were $736 million in the first nine months of 2026.
There were no contributions to our qualified pension plan during the first nine months of 2026.
 
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Investing Activities
After fulfilling operating requirements, we invest cash flows from underwriting, investment and other corporate activities in fixed-maturity and equity securities on an ongoing basis to help achieve our portfolio objectives. We discuss our investment strategy and certain portfolio attributes in this quarterly report Item 3, Quantitative and Qualitative Disclosures About Market Risk.
 
Uses of Capital
Uses of cash to enhance shareholder return include dividends to shareholders and shares acquired under our repurchase program. During the first nine months of 2026, the board of directors declared cash dividends of $2.82 per share for an indicated annual rate of $3.76 per share. Cash dividends paid to shareholders totaled $418 million for the same period.

PROPERTY CASUALTY INSURANCE LOSS AND LOSS EXPENSE RESERVES
For the business lines in the commercial and personal lines insurance segments, and in total for the excess and surplus lines insurance segment and other property casualty insurance operations, the following table details gross reserves among case, IBNR (incurred but not reported) and loss expense reserves, net of salvage and subrogation reserves. 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.
 
Total gross reserves at September 30, 2026, increased $1.224 billion compared with December 31, 2025. Case loss reserves increased by $216 million, IBNR loss reserves increased by $796 million and loss expense reserves increased by $212 million. The total gross increase was primarily due to our commercial casualty, commercial property, personal auto and homeowner lines of business, excess and surplus lines insurance segment and Cincinnati Re.

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Property Casualty Gross Reserves
(Dollars in millions)Loss reservesLoss expense reservesTotal gross reserves
Case reservesIBNR reservesPercent of total
At September 30, 2026
Commercial lines insurance:
Commercial casualty$1,283 $1,904 $973 $4,160 32.8 %
Commercial property291 281 121 693 5.5 
Commercial auto448 518 206 1,172 9.2 
Workers' compensation370 592 106 1,068 8.4 
Other commercial 206 75 208 489 3.9 
Subtotal2,598 3,370 1,614 7,582 59.8 
Personal lines insurance:
Personal auto334 222 160 716 5.6 
Homeowner353 361 147 861 6.8 
Other personal136 305 11 452 3.6 
Subtotal823 888 318 2,029 16.0 
Excess and surplus lines385 679 391 1,455 11.5 
Cincinnati Re228 1,088 10 1,326 10.5 
Cincinnati Global127 149 6 282 2.2 
Total$4,161 $6,174 $2,339 $12,674 100.0 %
At December 31, 2025
Commercial lines insurance:
Commercial casualty$1,246 $1,736 $905 $3,887 34.0 %
Commercial property210 195 109 514 4.5 
Commercial auto448 455 185 1,088 9.5 
Workers' compensation369 595 101 1,065 9.3 
Other commercial 172 73 193 438 3.8 
Subtotal2,445 3,054 1,493 6,992 61.1 
Personal lines insurance:
Personal auto314 152 135 601 5.2 
Homeowner330 235 130 695 6.1 
Other personal120 259 10 389 3.4 
Subtotal764 646 275 1,685 14.7 
Excess and surplus lines407 544 348 1,299 11.4 
Cincinnati Re218 1,003 8 1,229 10.7 
Cincinnati Global111 131 3 245 2.1 
Total$3,945 $5,378 $2,127 $11,450 100.0 %
 
LIFE POLICY AND INVESTMENT CONTRACT RESERVES
Gross life policy and investment contract reserves were $2.861 billion at September 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.
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OTHER MATTERS
 
SIGNIFICANT ACCOUNTING POLICIES
Our significant accounting policies are discussed in our 2025 Annual Report on Form 10-K, Item 8, Note 1, Summary of Significant Accounting Policies, Page 124, and updated in this quarterly report Item 1, Note 1, Accounting Policies.
 
In conjunction with those discussions, in the Management's Discussion and Analysis in the 2025 Annual Report on Form 10-K, management reviewed the estimates and assumptions used to develop reported amounts related to the most significant policies. Management discussed the development and selection of those accounting estimates with the audit committee of the board of directors.
 
Item 3.    Quantitative and Qualitative Disclosures About Market Risk
Our greatest exposure to market risk is through our investment portfolio. Market risk is the potential for a decrease in securities' fair value resulting from broad yet uncontrollable forces such as: inflation, economic growth or recession, interest rates, world political conditions or other widespread unpredictable events. It is comprised of many individual risks that, when combined, create a macroeconomic impact.
 
Our view of potential risks and our sensitivity to such risks is discussed in our 2025 Annual Report on Form 10-K, Item 7A, Quantitative and Qualitative Disclosures About Market Risk, Page 109.
 
The fair value of our investment portfolio was $32.211 billion at September 30, 2026, up $1.246 billion from year-end 2025, including a $802 million increase in the fixed-maturity portfolio, a $451 million increase in the equity portfolio and a $7 million decrease in short-term investments.
(Dollars in millions)At September 30, 2026At December 31, 2025
Cost or 
amortized cost 		Percent 
of total		Fair valuePercent 
of total		Cost or 
amortized cost 		Percent of totalFair valuePercent
of total
Taxable fixed maturities$16,312 65.7 %$15,190 47.2 %$14,134 62.5 %$14,010 45.2 %
Tax-exempt fixed maturities4,099 16.5 3,735 11.6 4,170 18.4 4,113 13.3 
Common equities3,923 15.8 12,844 39.9 3,792 16.8 12,373 40.0 
Nonredeemable preferred
  equities		350 1.4 301 0.9 363 1.6 321 1.0 
Short-term investments144 0.6 141 0.4 148 0.7 148 0.5 
Total$24,828 100.0 %$32,211 100.0 %$22,607 100.0 %$30,965 100.0 %

At September 30, 2026, substantially all of our consolidated investment portfolio, measured at fair value, is classified as Level 1 or Level 2. See Item 1, Note 3, Fair Value Measurements, for additional discussion of our valuation techniques.
 
In addition to our investment portfolio, the total investments amount reported in our condensed consolidated balance sheets includes Other invested assets. Other invested assets included $721 million of private equity investments, $151 million of real estate through direct property ownership and development projects in the United States, $40 million of life policy loans and $16 million in Lloyd's deposit at September 30, 2026.
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FIXED-MATURITY SECURITIES INVESTMENTS
By maintaining a well-diversified fixed-maturity portfolio, we attempt to reduce overall risk. We invest new money in the bond market on a regular basis, targeting what we believe to be optimal risk-adjusted, after-tax yields. Risk, in this context, includes interest rate, call, reinvestment rate, credit and liquidity risk. We do not make a concerted effort to alter duration on a portfolio basis in response to anticipated movements in interest rates. By regularly investing in the bond market, we build a broad, diversified portfolio that we believe mitigates the impact of adverse economic factors.

In the first nine months of 2026, the increase in fair value of our fixed-maturity portfolio was due to net purchases of securities, partially offset by an increase in our net unrealized loss position that reflected an increase in U.S. Treasury yields and a slight widening of corporate credit spreads. At September 30, 2026, our fixed-maturity portfolio with an average rating of A2/A was valued at 92.7% of its amortized cost, compared with 99.0% at December 31, 2025.
 
At September 30, 2026, our investment-grade fixed-maturity securities represented 98.3% of the portfolio based on ratings provided by nationally recognized statistical rating organizations or the Securities Valuation Office of the National Association of Insurance Commissioners.

Attributes of the fixed-maturity portfolio include:
At September 30, 2026At December 31, 2025
Weighted average yield-to-amortized cost5.20 %5.11 %
Weighted average maturity11.4yrs10.9yrs
Effective duration6.6yrs5.6yrs
 
We discuss maturities of our fixed-maturity portfolio in our 2025 Annual Report on Form 10-K, Item 8, Note 2, Investments, Page 131, and in this quarterly report Item 2, Investments Results.
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TAXABLE FIXED MATURITIES
Our taxable fixed-maturity portfolio, with a fair value of $15.190 billion at September 30, 2026, included:
(Dollars in millions) At September 30, 2026At December 31, 2025
Investment-grade corporate$10,334 $9,505 
Government-sponsored enterprises2,680 2,359 
Asset-backed898 797 
States, municipalities and political subdivisions740 806 
United States government311 313 
Noninvestment-grade corporate208 206 
Foreign government19 24 
Total$15,190 $14,010 
 
Our strategy is to buy, and typically hold, fixed-maturity investments to maturity, but we monitor credit profiles and fair value movements when determining holding periods for individual securities. With the exception of United States agency issues that include government-sponsored enterprises, no individual issuer's securities accounted for more than 0.9% of the taxable fixed-maturity portfolio at September 30, 2026. Our investment-grade corporate bonds had an average rating of Baa1 by Moody's or BBB+ by S&P Global Ratings and represented 68.0% of the taxable fixed-maturity portfolio's fair value at September 30, 2026, compared with 67.8% at year-end 2025.
 
The heaviest concentration in our investment-grade corporate bond portfolio, based on fair value at
September 30, 2026, was the financial sector. It represented 25.7% of our investment-grade corporate bond portfolio, compared with 28.8% at year-end 2025. The utility and energy sectors represented 13.9% and 10.9%, compared with 13.3% and 11.2%, respectively, at year-end 2025. No other sector exceeded 10% of our investment-grade corporate bond portfolio.

As discussed in our 2025 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 30, investments in the financial sector include various risks. See risk factors entitled “Financial disruption or a prolonged economic downturn could affect our investment performance” and “Our ability to achieve our performance objectives could be affected by changes in the financial, credit and capital markets or the general economy.”

Our taxable fixed-maturity portfolio at September 30, 2026, included $898 million of asset-backed securities at fair value with an average rating of Aa2/AA.
TAX-EXEMPT FIXED MATURITIES
At September 30, 2026, we had $3.735 billion of tax-exempt fixed-maturity securities at fair value with an average rating of Aa2/AA by Moody's and S&P Global Ratings. We traditionally have purchased municipal bonds focusing on general obligation and essential services issues, such as water, waste disposal or others. The portfolio is well diversified among approximately 2,000 municipal bond issuers. No single municipal issuer accounted for more than 0.5% of the tax-exempt fixed-maturity portfolio at September 30, 2026.

INTEREST RATE SENSITIVITY ANALYSIS
Because of our strong surplus, long-term investment horizon and ability to hold most fixed-maturity investments until maturity, we believe the company is adequately positioned if interest rates were to rise. Although the fair values of our existing holdings may suffer, a higher rate environment would provide the opportunity to invest cash flow in higher-yielding securities, while reducing the likelihood of untimely redemptions of currently callable securities. While higher interest rates would be expected to continue to increase the number of fixed-maturity holdings trading below 100% of amortized cost, we believe lower fixed-maturity security values due solely to interest rate changes would not signal a decline in credit quality. We continue to manage the portfolio with an eye toward both meeting current income needs and managing interest rate risk.
 
Our dynamic financial planning model uses analytical tools to assess market risks. As part of this model, the effective duration of the fixed-maturity portfolio is continually monitored by our investment department to evaluate the theoretical impact of interest rate movements.
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The table below summarizes the effect of hypothetical changes in interest rates on the fair value of the fixed-maturity portfolio:
(Dollars in millions)Effect from interest rate change in basis points
-200  -100 —100 200
At September 30, 2026$21,516 $20,172 $18,925 $17,732 $16,590 
At December 31, 2025$20,177 $19,142 $18,123 $17,008 $15,891 
 
The effective duration of the fixed-maturity portfolio as of September 30, 2026, was 6.6 years, up from 5.6 years at year-end 2025. The above table is a theoretical presentation showing that an instantaneous, parallel shift in the yield curve of 100 basis points could produce an approximately 6.4% change in the fair value of the fixed-maturity portfolio. Generally speaking, the higher a bond is rated, the more directly correlated movements in its fair value are to changes in the general level of interest rates, exclusive of call features. The fair values of average- to lower-rated corporate bonds are additionally influenced by the expansion or contraction of credit spreads.
 
In our dynamic financial planning model, the selected interest rate change of 100 to 200 basis points represents our view of a shift in rates that is quite possible over a one-year period. The rates modeled should not be considered a prediction of future events as interest rates may be much more volatile in the future. The analysis is not intended to provide a precise forecast of the effect of changes in rates on our results or financial condition, nor does it take into account any actions that we might take to reduce exposure to such risks.

SHORT-TERM INVESTMENTS
Our short-term investments consist of commercial paper purchased within one year of maturity. We make short-term investments primarily with funds to be used to make upcoming cash payments, such as dividends, taxes or other corporate purposes. At September 30, 2026, we had $141 million of short-term investments.

EQUITY INVESTMENTS
Our equity investments, with a fair value totaling $13.145 billion at September 30, 2026, included $12.844 billion of common stock securities of companies generally with strong indications of paying and growing their dividends. Other criteria we evaluate include increasing sales and earnings, proven management and a favorable outlook. We believe our equity investment style is an appropriate long-term strategy. While our long-term financial position would be affected by prolonged changes in the market valuation of our investments, we believe our strong surplus position and cash flow provide a cushion against short-term fluctuations in valuation. Continued payment of cash dividends by the issuers of our common equity holdings can provide a floor to their valuation.

The table below summarizes the effect of hypothetical changes in market prices on fair value of our equity portfolio.
(Dollars in millions)Effect from market price change in percent
-30%-20%-10%—10%20%30%
At September 30, 2026$9,202 $10,516 $11,831 $13,145 $14,460 $15,774 $17,089 
At December 31, 2025$8,886 $10,155 $11,425 $12,694 $13,963 $15,233 $16,502 

At September 30, 2026, Apple Inc. (Nasdaq:AAPL) was our largest single common stock holding with a fair value of $1.156 billion, or 9.0% of our publicly traded common stock portfolio and 3.6% of the total investment portfolio. Forty-four holdings (among 10 different sectors) each had a fair value greater than $100 million. 
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Common Stock Portfolio Sector Distribution
Percent of common stock portfolio
At September 30, 2026At December 31, 2025
Cincinnati
 Financial		S&P 500
Weightings		Cincinnati
Financial		S&P 500
Weightings
Sector:
Information technology35.6 %39.7 %35.4 %34.4 %
Industrials13.7 8.0 14.4 8.2 
Financial12.2 11.4 13.0 13.4 
Healthcare11.3 9.3 10.0 9.6 
Consumer staples6.5 4.4 6.5 4.7 
Consumer discretionary6.0 8.6 7.3 10.4 
Energy5.8 3.4 4.2 2.8 
Materials3.4 1.7 3.3 1.8 
Utilities2.8 1.9 3.0 2.3 
Real estate1.7 1.7 1.9 1.8 
Telecomm services1.0 9.9 1.0 10.6 
Total100.0 %100.0 %100.0 %100.0 %
 
UNREALIZED INVESTMENT GAINS AND LOSSES
At September 30, 2026, unrealized investment gains before taxes for fixed-maturity and short-term investments portfolio totaled $27 million and unrealized investment losses amounted to $1.516 billion before taxes.
 
The $1.489 billion net unrealized loss position in our fixed-maturity and short-term investments portfolio at September 30, 2026, increased in the first nine months of 2026, primarily due to an increase in U.S. Treasury yields and a slight widening of corporate credit spreads. The net loss position for our current fixed-maturity holdings will naturally decline over time as individual securities approach maturity. In addition, changes in interest rates can cause rapid, significant changes in fair values of fixed-maturity securities and the net loss position, as discussed in Quantitative and Qualitative Disclosures About Market Risk.

For federal income tax purposes, taxes on gains from appreciated investments generally are not due until securities are sold. We believe that the appreciated value of equity securities, compared with the cost of securities that is generally used as a tax basis, is a useful measure to help evaluate how fair value can change over time. On this basis, the net unrealized investment gains at September 30, 2026, consisted of a net gain position in our equity portfolio of $8.872 billion. Events or factors such as economic growth or recession can affect the fair value and unrealized investment gains of our equity securities. The five largest holdings in our common stock portfolio at September 30, 2026, were Apple Inc., Microsoft Corp (Nasdaq:MSFT), Broadcom Inc. (Nasdaq:AVGO), AbbVie Inc. (NYSE:ABBV) and Lam Research Corporation (Nasdaq:LRCX), which had a combined fair value of $3.661 billion.

Unrealized Investment Losses
We expect the number of fixed-maturity securities trading below amortized cost to fluctuate as interest rates rise or fall and credit spreads expand or contract due to prevailing economic conditions. Further, amortized costs for some securities are revised through write-downs recognized in prior periods. At September 30, 2026, 5,241 of the 5,607 fixed-maturity and short-term securities we owned had fair values below amortized cost, compared with 2,597 of the 5,358 securities we owned at year-end 2025. The 5,241 holdings with fair values below amortized cost at September 30, 2026, represented 93.0% of the fair value of our fixed-maturity and short-term investments portfolio and $1.516 billion in unrealized losses.
•3,613 of the 5,241 holdings had fair value between 90% and 100% of amortized cost at September 30, 2026. These primarily consist of securities whose current valuation is largely the result of interest rate factors. The fair value of these 3,613 securities was $13.309 billion, and they accounted for $675 million in unrealized losses.
•1,515 of the 5,241 holdings had fair value between 70% and 90% of amortized cost at September 30, 2026. We believe the 1,515 securities will continue to pay interest and ultimately pay principal upon maturity.
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The issuers of these 1,515 securities have strong cash flow to service their debt and meet their contractual obligation to make principal payments. The fair value of these securities was $4.273 billion, and they accounted for $767 million in unrealized losses.
•113 of the 5,241 holdings had fair value below 70% of amortized cost at September 30, 2026. We believe these securities will continue to pay interest and ultimately pay principal upon maturity. The fair value of these securities was $142 million, and they accounted for $74 million in unrealized losses.

The table below reviews fair values and unrealized losses by investment category and by the overall duration of the securities' continuous unrealized loss position.
(Dollars in millions)Less than 12 months12 months or moreTotal
At September 30, 2026Fair valueUnrealized
 losses		Fair valueUnrealized
 losses		Fair
 value		Unrealized
 losses
Fixed-maturity:
Corporate $6,972 $355 $2,473 $321 $9,445 $676 
States, municipalities and political subdivisions2,436 147 1,852 360 4,288 507 
Government-sponsored enterprises2,397 242 283 26 2,680 268 
Asset-backed642 28 198 19 840 47 
United States government293 14 18 1 311 15 
Foreign government19 — — — 19 — 
Total fixed-maturity12,759 786 4,824 727 17,583 1,513 
Short-term141 3 — — 141 3 
Total fixed-maturity and short-term investments$12,900 $789 $4,824 $727 $17,724 $1,516 
At December 31, 2025
Fixed-maturity:
Corporate $849 $15 $2,926 $188 $3,775 $203 
States, municipalities and political subdivisions204 2 2,346 179 2,550 181 
Government-sponsored enterprises983 3 195 1 1,178 4 
Asset-backed101 2 184 6 285 8 
United States government69 — 20 1 89 1 
Total fixed-maturity$2,206 $22 $5,671 $375 $7,877 $397 
 
At September 30, 2026, applying our invested asset impairment policy, we determined that the total of $1.516 billion, for securities in an unrealized loss position in the table above, was not the result of a credit loss.

During the first nine months of 2026, one fixed maturity security was written down to fair value, due to an intention to be sold, for less than $1 million. The allowance for credit losses increased $5 million during the first nine months of 2026. During the first nine months of 2025, no fixed maturity securities were written down to fair value, due to an intention to be sold. The increase in the allowance for credit losses was $15 million during the first nine months of 2025.

During the full year of 2025, no securities were written down to fair value. At December 31, 2025, 2,597 fixed-maturity and short-term securities with a total unrealized loss of $397 million were in an unrealized loss position. Of that total, 13 securities had fair values below 70% of amortized cost.
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The following table summarizes the investment portfolio by severity of decline:
(Dollars in millions)Number
of issues		Amortized
cost		Fair valueGross unrealized 
gain (loss)		Gross investment income
At September 30, 2026
Taxable fixed maturities:
Fair valued below 70% of amortized cost34 $87 $58 $(29)$2 
Fair valued at 70% to less than 100% of amortized cost2,669 15,071 13,951 (1,120)520 
Fair valued at 100% and above of amortized cost250 1,154 1,181 27 63 
Investment income on securities sold in current year— — — — 27 
Total2,953 16,312 15,190 (1,122)612 
Tax-exempt fixed maturities:
Fair valued below 70% of amortized cost79 129 84 (45)3 
Fair valued at 70% to less than 100% of amortized cost2,456 3,809 3,490 (319)103 
Fair valued at 100% and above of amortized cost116 161 161 — 5 
Investment income on securities sold in current year— — — — 4 
Total2,651 4,099 3,735 (364)115 
Fixed-maturities summary:
Fair valued below 70% of amortized cost113 216 142 (74)5 
Fair valued at 70% to less than 100% of amortized cost5,125 18,880 17,441 (1,439)623 
Fair valued at 100% and above of amortized cost366 1,315 1,342 27 68 
Investment income on securities sold in current year— — — — 31 
Total5,604 20,411 18,925 (1,486)727 
Short-term investments:
Fair valued below 70% of cost— — — — — 
Fair valued at 70% to less than 100% of cost3 144 141 (3)3 
Fair valued at 100% and above of cost— — — — — 
Investment income on securities sold in current year— — — — 12 
Total3 144 141 (3)15 
Fixed maturities and short-term investments summary:
Fair valued below 70% of cost113 216 142 (74)5 
Fair valued at 70% to less than 100% of cost5,128 19,024 17,582 (1,442)626 
Fair valued at 100% and above of cost366 1,315 1,342 27 68 
Investment income on securities sold in current year— — — — 43 
Total5,607 $20,555 $19,066 $(1,489)$742 
At December 31, 2025
Fixed maturities and short-term investments summary:
Fair valued below 70% of amortized cost13 $30 $17 $(13)$1 
Fair valued at 70% to less than 100% of amortized cost2,584 8,244 7,860 (384)311 
Fair valued at 100% and above of amortized cost2,761 10,178 10,394 216 440 
Investment income on securities sold in current year— — — — 126 
Total5,358 $18,452 $18,271 $(181)$878 
 
See our 2025 Annual Report on Form 10-K, Item 7, Critical Accounting Estimates, Asset Impairment, Page 54.

Cincinnati Financial Corporation Third-Quarter 2026 10-Q
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Item 4.        Controls and Procedures
Evaluation of Disclosure Controls and Procedures – The company maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (Exchange Act)).
 
Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. The company's management, with the participation of the company's chief executive officer and chief financial officer, has evaluated the effectiveness of the design and operation of the company's disclosure controls and procedures as of September 30, 2026. Based upon that evaluation, the company's chief executive officer and chief financial officer concluded that the design and operation of the company's disclosure controls and procedures provided reasonable assurance that the disclosure controls and procedures are effective to ensure:
•that information required to be disclosed in the company's reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and
•that such information is accumulated and communicated to the company's management, including its chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosures.
Changes in Internal Control over Financial Reporting – During the three months ended September 30, 2026, there were no changes in our internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Cincinnati Financial Corporation Third-Quarter 2026 10-Q
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Part II – Other Information
Item 1.    Legal Proceedings
Neither the company nor any of our subsidiaries are involved in any litigation believed to be material other than ordinary, routine litigation incidental to the nature of our business.
Item 1A.    Risk Factors
Our risk factors have not changed materially since they were described in our 2025 Annual Report on Form 10-K filed February 23, 2026. Investors should not interpret the disclosure of a risk to imply that the risk has not already materialized.

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Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds
We did not sell any of our shares that were not registered under the Securities Act during the first nine months of 2026. On August 21, 2026, the Board of Directors expanded the company’s current share repurchase program by authorizing the company to repurchase up to an additional 15 million shares of issued and outstanding common shares. This share repurchase authorization is in addition to shares remaining under the company’s existing repurchase authorization of 15 million shares effective January 26, 2018. Our repurchase program does not have an expiration date. We have 16,841,845 shares available for purchase under our programs at September 30, 2026.
PeriodTotal number
 of shares
 purchased		Average
 price paid
 per share		Total number of shares purchased as part of
publicly announced
plans or programs		Maximum number of
shares that may yet be
purchased under the
plans or programs
July 1-31, 2026— — — 1,849,445 
August 1-31, 20267,600 $175.40 7,600 16,841,845 
September 1-30, 2026— — — 16,841,845 
Totals7,600 175.40 7,600 
Cincinnati Financial Corporation Third-Quarter 2026 10-Q
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Item 5.    Other Information
Neither the company nor any of our officers or directors adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement as defined by Item 408(a) and Item 408(d) of Regulation S-K during the last fiscal quarter.

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Item 6.    Exhibits
Exhibit No.Exhibit Description
3.1
3.2
4.8
10.1
31A
31B
32
101.INS
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101.PREXBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
 
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
CINCINNATI FINANCIAL CORPORATION
Date: October 26, 2026
/S/ Michael J. Sewell
Michael J. Sewell, CPA
Chief Financial Officer, Executive Vice President and Treasurer
(Principal Accounting Officer)
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ATTACHMENTS / EXHIBITS

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