Cincinnati Financial (CINF) Investor presentation summary

Strategic positioning

• Agency-centered model combines long-standing agency relationships, local decision-making, claims service and broad insurance offerings.

• Differentiators include 65 consecutive years of shareholder dividend increases and more than 30 years of favorable reserve development.

• Network spans 2,407 agency relationships and 3,889 locations as of June 30, 2026, across 46 states.

• At June 30, 2026, common stocks were 39.9% of the investment portfolio; debt-to-total-capital was 4.6% and premiums-to-surplus was 1.0-to-1.

Value creation and operating trends

• Targeting average annual VCR of 10%-13% over the next five years; 2021-2025 average VCR was 13.8%.

• YTD June 30, 2026 annualized VCR was 8.0%; P&C net written premiums grew 5% versus a 4% FY2026 industry projection.

• YTD combined ratio was 98.2%, slightly above the 92%-98% long-term target; investment income grew 13% versus an 11.7% five-year CAGR through year-end 2025.

• Net cash flow from operating activities was $1.356 billion YTD, up 29%.

Second-quarter performance

• 2Q26 EPS was $8.05 versus $4.34 in 2Q25; $3.26 of the $3.71 increase reflected the change in fair value of equity securities still held.

• Non-GAAP operating income was $224 million versus $311 million in 2Q25.

• Investment income rose 12% YoY, with interest income up 14% and dividend income up 3%.

• P&C net written premiums grew 3%; the 100.8% combined ratio was 5.9 points higher YoY, including 2.3 points from higher catastrophe losses and 1.8 points from higher current accident-year results before catastrophes.