Cincinnati Financial (CINF) investor relations material

Executive summary

• Q3 net income fell 59% YoY to $459 million, while non-GAAP operating income was $443 million, down $6 million; lower investment gains and higher catastrophe losses weighed on results.

• Nine-month net income rose 16% to $1.988 billion and non-GAAP operating income rose 38% to $997 million.

• Property-casualty underwriting profit was $240 million in Q3 and $337 million for 9M; 9M profit improved from $123 million in 2025.

Financial highlights

• Q3 revenue declined 18% to $3.047 billion; earned premiums increased 5% to $2.690 billion. Nine-month revenue rose 7% to $10.184 billion.

• Q3 net investment income rose 10% to $325 million; 9M net investment income rose 12% to $962 million.

• Q3 investment gains after tax were $16 million versus $673 million; 9M after-tax gains were $991 million versus $994 million.

• Operating cash flow was $2.147 billion for 9M; fixed-maturity net purchases were $1.1 billion in Q3 and $2 billion YTD.

Outlook and guidance

• Growth strategy prioritizes underwriting discipline and targeted profitable growth; premium growth is normalizing from exceptionally strong levels.

• Pricing initiatives and improved pricing precision and claims outcomes are expected to support future underwriting; reserving will remain prudent amid uncertain loss-cost trends.

• Commercial lines expense ratio target remains below 30%; Cincinnati Re growth is opportunistic as reinsurance markets change.